UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08917 |
|
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC. |
(Exact name of registrant as specified in charter) |
|
466 Lexington Avenue, New York, New York | | 10017-3140 |
(Address of principal executive offices) | | (Zip code) |
|
J. Kevin Gao, Esq. Credit Suisse Institutional Fixed Income Fund, Inc. 466 Lexington Avenue New York, New York 10017-3140 |
(Name and address of agent for service) |
|
Registrant’s telephone number, including area code: | (212) 875-3500 | |
|
Date of fiscal year end: | December 31 | |
|
Date of reporting period: | January 1, 2006 to June 30, 2006 | |
| | | | | | | | | |
Item 1. Reports to Stockholders.
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CREDIT SUISSE
INSTITUTIONAL FUNDS
Semiannual Report
June 30, 2006
(unaudited)
n CREDIT SUISSE INSTITUTIONAL
FIXED INCOME FUND
n CREDIT SUISSE
GLOBAL HIGH YIELD FUND
The Funds' investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Funds, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 800-222-8977 or by writing to Credit Suisse Institutional Funds, P.O. Box 55030, Boston, MA 02205-5030.
Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466 Lexington Ave., New York, NY 10017-3140. Credit Suisse Institutional Funds are advised by Credit Suisse Asset Management, LLC.
The views of the Funds' management are as of the date of the letters and the Fund holdings described in this document are as of June 30, 2006; these views and Fund holdings may have changed subsequent to these dates. Nothing in this document is a recommendation to purchase or sell securities.
Fund shares are not deposits or other obligations of Credit Suisse Asset Management, LLC ("Credit Suisse") or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse or any affiliate. Fund investments are subject to investment risks, including loss of your investment.
Credit Suisse Institutional Fixed Income Fund
Semiannual Investment Adviser's Report
June 30, 2006 (unaudited)
July 21, 2006
Dear Shareholder:
For the six months ended June 30, 2006, Credit Suisse Institutional Fixed Income Fund1 had a decline of 0.38%, versus a decline of 0.72% for the Lehman Brothers US Aggregate Bond Index.2
Market Overview: Rates continue to rise
The period was a modestly negative one for the bond market in terms of total return, as the Federal Reserve continued its campaign to raise rates in small but steady increments. The federal funds rate rose to 5.25% by the end of June 2006, up from 4.25% at the start of the period and 1.00% in June 2004.
The economy continued its growth trajectory despite the increase in interest rates, along with persistently high energy costs. First quarter 2006 Gross Domestic Product rose at its highest quarterly rate in more than two years. Inflation, though, began to trend beyond the upper range of the Federal Reserve's informal 1% to 2% "comfort zone," as measured by personal consumption expenditures. Bonds (and stocks) nonetheless ended the period on a positive note, after the Federal Reserve hinted that an end to its monetary tightening cycle might be relatively near.
Strategic Review: Focus on issuer fundamentals
The Fund outperformed its benchmark, which we attribute in part to our generally cautious approach to interest-rate risk, staying neutral to short with regard to the Fund's duration. The Fund's allocation to high-yield debt (about 9% of the Fund's assets as of June 30, 2006) was also beneficial, as high yield bonds, which are typically less sensitive to interest rates, outperformed investment-grade bonds.
In terms of portfolio adjustments, we ended the period with a neutral duration stance compared with the benchmark. This reflects our view that the interest-rate outlook has become less threatening to bonds, with the Federal Reserve potentially close to ending its monetary tightening campaign. That said, we will continue to monitor inflation trends carefully and will adjust our strategy as we deem appropriate.
We made no major changes to the Fund's sector allocation, though we did increase the degree of our overweighting in mortgage-backed securities (MBS) in the period. We view MBS as attractive for the added yield these bonds offer over corporate issues, and believe that their total returns could benefit from a relatively stable interest-rate environment in the second half of 2006. We remain
1
Credit Suisse Institutional Fixed Income Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
underweight in investment-grade securities, based in part on our concerns over corporate strategies (e.g., stock buybacks and LBO activity) that could favor equity holders over bond investors. This trend in our view could counter positive factors for corporate bonds, namely possible continued economic and profit growth along with reduced corporate bond issuance.
The Credit Suisse Fixed Income Management Team
Sheila Huang
Martha Metcalf
Kam Poon
Ryan Widener
Fixed income investing entails credit risks and interest rate risks. Typically, when interest rates rise, the market value of fixed income securities generally declines and the share price of the Fund can fall.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
2
Credit Suisse Institutional Fixed Income Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Average Annual Returns as of June 30, 20061
1 Year | | 5 Years | | 10 Years | | Since Inception | | Inception Date | |
| (0.58 | )% | | | 3.59 | % | | | 5.57 | % | | | 5.79 | % | | | 3/31/94 | | |
Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Fund may be lower or higher than the figures shown. Returns and share price will fluctuate, and redemption value may be more or less than original cost. The performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.
1 Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time.
2 The Lehman Brothers US Aggregate Bond Index is composed of the Lehman Brothers Government/Corporate Bond Index and the Lehman Brothers Mortgage-Backed Securities Index. The Lehman Brothers US Aggregate Bond Index includes US Treasury and agency issues, corporate bond issues and mortgage-backed securities rated investment-grade or higher by Moody's Investors Service, the Standard & Poor's Division of The McGraw-Hill Companies, Inc., or Fitch IBCA Inc. Investors cannot invest directly in an index.
3
Credit Suisse Institutional Fixed Income Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Information About Your Fund's Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2006.
The table illustrates your Fund's expenses in two ways:
• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds.
4
Credit Suisse Institutional Fixed Income Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Expenses and Value of a $1,000 Investment
for the six month period ended June 30, 2006
Actual Fund Return | |
Beginning Account Value 1/1/06 | | $ | 1,000.00 | | |
Ending Account Value 6/30/06 | | $ | 996.20 | | |
Expenses Paid per $1,000* | | $ | 2.23 | | |
Hypothetical 5% Fund Return | |
Beginning Account Value 1/1/06 | | $ | 1,000.00 | | |
Ending Account Value 6/30/06 | | $ | 1,022.56 | | |
Expenses Paid per $1,000* | | $ | 2.26 | | |
Annualized Expense Ratios* | | | 0.45 | % | |
* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.
The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.
For more information, please refer to the Fund's prospectus.
5
Credit Suisse Institutional Fixed Income Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Credit Quality Breakdown* | |
Ratings S&P | |
AAA | | | 63.3 | % | |
AA | | | 1.6 | % | |
A | | | 8.6 | % | |
BBB | | | 10.1 | % | |
BB | | | 4.8 | % | |
B | | | 4.1 | % | |
CCC | | | 1.9 | % | |
NR | | | 0.3 | % | |
Subtotal | | | 94.7 | % | |
Short-Term Investments | | | 5.3 | % | |
Total | | | 100.0 | % | |
* Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.
6
Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report
June 30, 2006 (unaudited)
July 21, 2006
Dear Shareholder:
For the six months ended June 30, 2006, Credit Suisse Global High Yield Fund1 had a gain of 2.45%, versus an increase of 2.64% for the Merrill Lynch Global High Yield Constrained Index.2
Market overview
The High Yield market began the year on a robust tone, posting four consecutive positive monthly returns. This was followed by higher volatility and lackluster returns during the months of May and June as investors grew increasingly concerned about higher interest rates and the pace of economic growth. Low-rated securities outperformed the broader market, returning 7.13%, while the more interest-rate sensitive BB rated securities underperformed, returning about 0.58%. The average yield spread between high yield bonds and Treasury securities narrowed 26 basis points, ending the period at 333 basis points.
The majority of sectors posted positive returns, with Autos, Airlines, Buildings Materials and Theaters leading the way. Sectors producing negative returns were Energy-Exploration & Production, Building & Construction, and Health Services. Credit fundamentals continued to be supportive of the high yield market, although the best of the credit cycle does appear to be behind us. Both default rates and the distressed ratio (a leading indicator for future default rates) continue to be near 10-year lows, coming in at 1.78% and 2.9%, respectively. Corporate balance sheets are strong but we expect growth to be slower in the year ahead.
The technical environment had been positive for most of the year but more recently has been strained as several large new issues priced in the High Yield market. These include $2 billion in new issuance from Nortel Networks (0.2% of the Fund's net assets as of June 30, 2006), $2.5 billion from Windstream Corp. (0.3% of the Fund's net assets as of June 30, 2006) and almost $3 billion from Intelsat (0.6% of the Fund's net assets as of June 30, 2006). We view this to be temporary pressure on the market and expect that once these deals are digested, market technicals will stabilize as cash from coupon and bond redemptions continue to outpace supply.
Strategic Review
The Fund's performance benefited from an underweight in the more interest rate sensitive BB rated securities but the Fund slightly underperformed its benchmark. The Fund's overweight in higher yielding securities provided a positive contribution to return as well. Strong security selection plus good sector allocation in the Consumer-Products, Cable, Packaging, Support-Services and
7
Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Theater sectors also contributed to performance. Security selection in Autos, Airlines and Health Services detracted from returns.
Outlook and strategy
We are constructive on the High Yield market near term given a solid fundamental backdrop, improving market technicals and relatively high current yields. Even with an expected increase in default rates to 2.8% in the coming year, forecasted spreads indicate only a modest widening. That being said, dispersion is on the rise and credit selectivity will be an important driver of returns going forward.
At the sector level, we remain cautious toward consumer-oriented sectors but constructive on corporate spending and the commercial cycle broadly. In addition, we continue to take profits in Wireless and have been decreasing exposure in Packaging given the potential for hurricane-related volatility in that industry.
The Credit Suisse High Yield Management Team
Martha Metcalf
Wing Chan
High-yield bonds are lower-quality bonds also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
8
Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Average Annual Returns as of June 30, 20061
1 Year | | 5 Years | | 10 Years | | Since Inception | | Inception Date | |
| 5.87 | % | | | 8.33 | % | | | 5.63 | % | | | 6.82 | % | | | 2/26/93 | | |
Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. Past performance cannot guarantee future results. The current performance of the Fund may be lower or higher than the figures shown. Returns and share price will fluctuate, and redemption value may be more or less than original cost. The performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.
1 Fee waivers and/or expense reimbursements may reduce expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time.
2 The Merrill Lynch Global High Yield Constrained Index tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade foreign currency long term debt rating; any individual issuer is capped at 2%. Index performance began on January 1, 1998. Investors cannot invest directly in an index. In order to ensure that the index that the Fund is benchmarked against is best aligned with the Fund's emphasis on diversification, this index replaced the Merrill Lynch Global High Yield Index on February 28, 2006, which tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade foreign currency long term debt rating.
9
Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Information About Your Fund's Expenses
As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2006.
The table illustrates your Fund's expenses in two ways:
• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds.
10
Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Expenses and Value of a $1,000 Investment
for the six month period ended June 30, 2006
Actual Fund Return | |
Beginning Account Value 1/1/06 | | $ | 1,000.00 | | |
Ending Account Value 6/30/06 | | $ | 1,024.50 | | |
Expenses Paid per $1,000* | | $ | 3.51 | | |
Hypothetical 5% Fund Return | |
Beginning Account Value 1/1/06 | | $ | 1,000.00 | | |
Ending Account Value 6/30/06 | | $ | 1,021.32 | | |
Expenses Paid per $1,000* | | $ | 3.51 | | |
Annualized Expense Ratios* | | | 0.70 | % | |
* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.
The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.
For more information, please refer to the Fund's prospectus.
11
Credit Suisse Global High Yield Fund
Semiannual Investment Adviser's Report (continued)
June 30, 2006 (unaudited)
Credit Quality Breakdown* | |
Ratings S&P | |
A | | | 0.2 | % | |
BBB | | | 1.0 | % | |
BB | | | 19.8 | % | |
B | | | 50.8 | % | |
CCC | | | 17.7 | % | |
NR | | | 0.8 | % | |
Subtotal | | | 90.3 | % | |
Short-Term Investment | | | 9.7 | % | |
Total | | | 100.0 | % | |
* Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.
12
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS (24.6%) | | | |
Advertising (0.2%) | | | |
$ | 280 | | | R. H. Donnelley Corp., Rule 144A, Senior Discount Notes (Callable 01/15/09 @ $103.44)‡ | | (B , Caa1) | | 01/15/13 | | | 6.875 | | | $ | 259,000 | | |
Aerospace & Defense (0.5%) | | | |
| 585 | | | Goodrich Corp., Rule 144A, Notes‡ | | (BBB , Baa3) | | 07/01/16 | | | 6.290 | | | | 582,609 | | |
Apparel (0.3%) | | | |
| 280 | | | Levi Strauss & Co., Global Senior Notes (Callable 12/15/07 @ $106.12) | | (B- , B3) | | 12/15/12 | | | 12.250 | | | | 310,800 | | |
Automobile Manufacturers (0.9%) | | | |
| 1,025 | | | DaimlerChrysler North America Holding Corp., Global Company Guaranteed Notes | | (BBB , A3) | | 03/15/11 | | | 5.875 | | | | 1,009,261 | | |
Banks (0.9%) | | | |
| 460 | | | Bank of America Corp., Global Notes§ | | (AA- , Aa2) | | 10/01/10 | | | 4.250 | | | | 436,647 | | |
| 160 | | | Bank of America Corp., Rule 144A, Company Guaranteed Notes (Callable 12/31/06 @ $104.04)‡ | | (A , Aa3) | | 12/31/26 | | | 8.070 | | | | 167,813 | | |
| 425 | | | USB Capital IX, Company Guaranteed Notes (Callable 04/15/11 @ $100.00)# | | (A , Aa3) | | 03/29/49 | | | 6.189 | | | | 416,026 | | |
| | | | | | | | | | | 1,020,486 | | |
Chemicals (0.5%) | | | |
| 265 | | | Equistar Chemicals LP, Notes | | (BB- , B1) | | 02/15/09 | | | 8.750 | | | | 274,938 | | |
| 270 | | | PolyOne Corp., Global Company Guaranteed Notes (Callable 05/15/07 @ $105.31)§ | | (B+ , B3) | | 05/15/10 | | | 10.625 | | | | 291,600 | | |
| | | | | | | | | | | 566,538 | | |
Commercial Services (0.3%) | | | |
| 335 | | | Cendant Corp., Units | | (BBB+ , Baa1) | | 08/17/06 | | | 4.890 | | | | 333,991 | | |
Computers (0.3%) | | | |
| 280 | | | SunGard Data Systems, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/15/09 @ $104.56)‡ | | (B- , B3) | | 08/15/13 | | | 9.125 | | | | 291,900 | | |
Diversified Financials (5.3%) | | | |
| 110 | | | Ameriprise Financial, Inc., Junior Subordinated Notes (Callable 06/01/16 @ $100.00)# | | (BBB , Baa2) | | 06/01/66 | | | 7.518 | | | | 110,858 | | |
| 505 | | | Ameriprise Financial, Inc., Senior Unsecured Notes | | (A- , A3) | | 11/15/10 | | | 5.350 | | | | 495,624 | | |
| 255 | | | BCP Crystal Holdings Corp., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.81) | | (B , B3) | | 06/15/14 | | | 9.625 | | | | 277,950 | | |
| 280 | | | Ford Motor Credit Co., Notes | | (B+ , Ba2) | | 06/16/08 | | | 6.625 | | | | 266,621 | | |
| 1,270 | | | General Electric Capital Corp., Series MTNA, Global Notes | | (AAA , Aaa) | | 06/15/12 | | | 6.000 | | | | 1,286,180 | | |
| 150 | | | General Motors Acceptance Corp., Global Notes | | (BB , Ba1) | | 05/15/09 | | | 5.625 | | | | 142,766 | | |
| 155 | | | General Motors Acceptance Corp., Global Notes§ | | (BB , Ba1) | | 12/01/14 | | | 6.750 | | | | 144,191 | | |
| 475 | | | Goldman Sachs Group, Inc., Global Notes | | (A+ , Aa3) | | 01/15/15 | | | 5.125 | | | | 444,817 | | |
See Accompanying Notes to Financial Statements.
13
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Diversified Financials | | | |
$ | 600 | | | HSBC Finance Capital Trust IX, Notes (Callable 11/30/15 @ $100.00)# | | (A , A1) | | 11/30/35 | | | 5.911 | | | $ | 573,601 | | |
| 160 | | | JPMorgan Chase & Co., Global Notes§ | | (A+ , Aa3) | | 03/01/15 | | | 4.750 | | | | 146,894 | | |
| 225 | | | Morgan Stanley, Global Subordinated Notes | | (A , A1) | | 04/01/14 | | | 4.750 | | | | 206,610 | | |
| 515 | | | OMX Timber Finance Investment LLC, Rule 144A, Company Guaranteed Notes (Callable 10/31/19 @ $100.00)#‡ | | (A+ , Aa3) | | 01/29/20 | | | 5.420 | | | | 480,802 | | |
| 345 | | | Residential Capital Corp., Company Guaranteed Notes | | (BBB- , Baa3) | | 11/21/08 | | | 6.125 | | | | 341,187 | | |
| 295 | | | Residential Capital Corp., Company Guaranteed Notes | | (BBB- , Baa3) | | 02/22/11 | | | 6.000 | | | | 286,131 | | |
| 235 | | | UCAR Finance, Inc., Global Company Guaranteed Notes (Callable 02/15/07 @ $105.13) | | (B- , B2) | | 02/15/12 | | | 10.250 | | | | 249,100 | | |
| 600 | | | Wachovia Capital Trust III, Bank Guaranteed Notes (Callable 03/15/11 @ $100.00)# | | (A- , A2) | | 03/15/42 | | | 5.800 | | | | 582,829 | | |
| | | | | | | | | | | 6,036,161 | | |
Electric (1.8%) | | | |
| 275 | | | AES Corp., Senior Notes | | (B , B1) | | 06/15/08 | | | 8.750 | | | | 285,312 | | |
| 200 | | | Constellation Energy Group, Inc., Notes | | (BBB , Baa1) | | 04/01/07 | | | 6.350 | | | | 200,805 | | |
| 300 | | | Dominion Resources, Inc., Series A, Notes | | (BBB+ , Baa2) | | 11/15/06 | | | 3.660 | | | | 297,779 | | |
| 450 | | | FPL Group Capital, Inc., Notes | | (A- , A2) | | 02/16/07 | | | 4.086 | | | | 445,639 | | |
| 275 | | | PacifiCorp, First Mortgage Notes | | (A- , A3) | | 11/15/11 | | | 6.900 | | | | 289,574 | | |
| 565 | | | TXU Corp., Global Senior Notes | | (BB+ , Ba1) | | 11/15/14 | | | 5.550 | | | | 515,289 | | |
| | | | | | | | | | | 2,034,398 | | |
Entertainment (0.4%) | | | |
| 125 | | | AMC Entertainment, Inc., Senior Subordinated Notes (Callable 02/01/07 @ $100.00)§ | | (CCC+ , B3) | | 02/01/11 | | | 9.500 | | | | 123,438 | | |
| 300 | | | Six Flags, Inc., Global Senior Notes (Callable 04/15/08 @ $104.88)§ | | (CCC , Caa1) | | 04/15/13 | | | 9.750 | | | | 277,125 | | |
| | | | | | | | | | | 400,563 | | |
Food (0.2%) | | | |
| 250 | | | Smithfield Foods, Inc., Series B, Global Senior Notes | | (BB , Ba2) | | 10/15/09 | | | 8.000 | | | | 253,750 | | |
Healthcare Services (0.2%) | | | |
| 245 | | | WellPoint, Inc., Global Unsecured Notes | | (BBB+ , Baa1) | | 01/15/11 | | | 5.000 | | | | 236,208 | | |
Household Products (0.2%) | | | |
| 220 | | | Playtex Products, Inc., Global Company Guaranteed Notes (Callable 09/07/06 @ $104.69)§ | | (CCC+ , Caa1) | | 06/01/11 | | | 9.375 | | | | 230,175 | | |
Insurance (1.9%) | | | |
| 485 | | | American International Group, Inc., Global Notes | | (AA , Aa2) | | 05/15/13 | | | 4.250 | | | | 441,515 | | |
| 580 | | | Berkshire Hathaway Finance Corp., Global Company Guaranteed Notes | | (AAA , Aaa) | | 01/15/10 | | | 4.125 | | | | 552,247 | | |
See Accompanying Notes to Financial Statements.
14
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Insurance | | | |
$ | 175 | | | Florida Windstorm Underwriting Association, Rule 144A, Senior Notes‡ | | (A- , A3) | | 08/25/07 | | | 6.850 | | | $ | 176,020 | | |
| 355 | | | Lincoln National Corp., Bonds (Callable 05/17/16 @ $100.00)# | | (A- , Baa2) | | 05/17/66 | | | 7.000 | | | | 352,866 | | |
| 450 | | | Nationwide Mutual Insurance Co., Rule 144A, Bonds (Callable 04/15/14 @ $100.00)‡ | | (A- , A2) | | 04/15/34 | | | 6.600 | | | | 424,104 | | |
| 175 | | | Progressive Corp., Senior Notes§ | | (A+ , A1) | | 12/01/32 | | | 6.250 | | | | 173,313 | | |
| | | | | | | | | | | 2,120,065 | | |
Investment Company (0.2%) | | | |
| 275 | | | Frank Russell Co., Rule 144A, Company Guaranteed Notes‡ | | (AAA , Aa1) | | 01/15/09 | | | 5.625 | | | | 274,938 | | |
Lodging (0.9%) | | | |
| 230 | | | Inn of the Mountain Gods, Global Senior Notes (Callable 11/15/07 @ $106.00) | | (B , B3) | | 11/15/10 | | | 12.000 | | | | 245,525 | | |
| 250 | | | Majestic Star Casino LLC, Company Guaranteed Notes (Callable 10/15/07 @ $104.75) | | (BB- , B2) | | 10/15/10 | | | 9.500 | | | | 263,125 | | |
| 250 | | | MGM Mirage, Inc., Rule 144A, Senior Notes‡ | | (BB , Ba2) | | 04/01/13 | | | 6.750 | | | | 239,688 | | |
| 275 | | | Resorts International Hotel & Casino, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $106.00) | | (B , B2) | | 03/15/09 | | | 11.500 | | | | 298,375 | | |
| | | | | | | | | | | 1,046,713 | | |
Machinery (0.3%) | | | |
| 300 | | | Case New Holland, Inc., Global Company Guaranteed Notes | | (BB- , Ba3) | | 06/01/09 | | | 6.000 | | | | 293,250 | | |
Media (2.8%) | | | |
| 240 | | | CCO Holdings LLC, Global Senior Notes (Callable 11/15/08 @ $104.38)§ | | (CCC- , B3) | | 11/15/13 | | | 8.750 | | | | 235,200 | | |
| 520 | | | Comcast Cable Communications Holdings, Inc., Global Company Guaranteed Notes | | (BBB+ , Baa2) | | 03/15/13 | | | 8.375 | | | | 578,282 | | |
| 485 | | | Comcast Corp., Company Guaranteed Notes | | (BBB+ , Baa2) | | 06/15/16 | | | 4.950 | | | | 433,048 | | |
| 280 | | | Cox Communications, Inc., Global Notes | | (BBB- , Baa3) | | 12/15/14 | | | 5.450 | | | | 259,314 | | |
| 250 | | | CSC Holdings, Inc., Senior Notes | | (B+ , B2) | | 07/15/08 | | | 7.250 | | | | 251,562 | | |
| 270 | | | EchoStar DBS Corp., Global Senior Notes | | (BB- , Ba3) | | 10/01/08 | | | 5.750 | | | | 264,600 | | |
| 270 | | | Gray Television, Inc., Global Company Guaranteed Notes (Callable 12/15/06 @ $104.63) | | (B- , Ba3) | | 12/15/11 | | | 9.250 | | | | 282,150 | | |
| 230 | | | Houghton Mifflin Co., Global Senior Subordinated Notes (Callable 02/01/08 @ $104.94) | | (CCC+ , Caa1) | | 02/01/13 | | | 9.875 | | | | 239,775 | | |
| 215 | | | Sinclair Broadcast Group, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $104.00) | | (B , B2) | | 03/15/12 | | | 8.000 | | | | 219,300 | | |
| 225 | | | Time Warner, Inc., Global Company Guaranteed Notes | | (BBB+ , Baa2) | | 05/01/32 | | | 7.700 | | | | 245,258 | | |
See Accompanying Notes to Financial Statements.
15
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Media | | | |
$ | 135 | | | Viacom, Inc., Rule 144A, Senior Notes‡ | | (BBB , Baa3) | | 04/30/11 | | | 5.750 | | | $ | 132,737 | | |
| | | | | | | | | | | 3,141,226 | | |
Office Equipment (0.2%) | | | |
| 275 | | | Xerox Corp., Senior Unsecured Notes | | (BB+ , Ba2) | | 03/15/16 | | | 6.400 | | | | 260,906 | | |
Oil & Gas (1.3%) | | | |
| 420 | | | Amerada Hess Corp., Notes | | (BBB- , Ba1) | | 08/15/31 | | | 7.300 | | | | 446,393 | | |
| 115 | | | Enterprise Products Operating LP, Senior Notes | | (BB+ , Baa3) | | 06/01/10 | | | 4.950 | | | | 110,320 | | |
| 340 | | | Enterprise Products Operating LP, Series B, Global Senior Notes | | (BB+ , Baa3) | | 10/15/34 | | | 6.650 | | | | 323,580 | | |
| 280 | | | Pemex Project Funding Master Trust, Rule 144A, Company Guaranteed Notes#‡ | | (BBB , Baa1) | | 06/15/10 | | | 6.629 | | | | 286,580 | | |
| 285 | | | XTO Energy, Inc., Notes§ | | (BBB- , Baa3) | | 06/30/15 | | | 5.300 | | | | 265,393 | | |
| | | | | | | | | | | 1,432,266 | | |
Packaging & Containers (1.0%) | | | |
| 275 | | | Berry Plastics Corp., Global Company Guaranteed Notes (Callable 07/15/07 @ $105.38) | | (B- , B3) | | 07/15/12 | | | 10.750 | | | | 299,062 | | |
| 265 | | | Graham Packaging Company, Inc., Global Company Guaranteed Notes (Callable 10/15/08 @ $104.25) | | (CCC+ , Caa1) | | 10/15/12 | | | 8.500 | | | | 261,025 | | |
| 275 | | | Owens-Brockway Glass Container, Inc., Global Secured Notes (Callable 11/15/07 @ $104.38) | | (BB- , B1) | | 11/15/12 | | | 8.750 | | | | 287,719 | | |
| 275 | | | Smurfit-Stone Container Corp., Global Senior Notes | | (CCC+ , B2) | | 02/01/08 | | | 9.250 | | | | 287,375 | | |
| | | | | | | | | | | 1,135,181 | | |
Pharmaceuticals (0.2%) | | | |
| 280 | | | Bristol-Myers Squibb Co., Notes | | (A+ , A1) | | 08/15/13 | | | 5.250 | | | | 269,734 | | |
Pipelines (0.2%) | | | |
| 280 | | | Sonat, Inc., Notes | | (B , B2) | | 07/15/11 | | | 7.625 | | | | 284,200 | | |
Real Estate (0.3%) | | | |
| 310 | | | EOP Operating LP, Notes | | (BBB , Baa2) | | 10/01/10 | | | 4.650 | | | | 294,208 | | |
Retail (0.4%) | | | |
| 145 | | | Home Depot, Inc., Global Senior Notes | | (AA , Aa3) | | 03/01/16 | | | 5.400 | | | | 139,251 | | |
| 280 | | | United Auto Group, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $104.81) | | (B , B3) | | 03/15/12 | | | 9.625 | | | | 294,000 | | |
| | | | | | | | | | | 433,251 | | |
Savings & Loans (0.2%) | | | |
| 275 | | | Washington Mutual Bank, Global Subordinated Notes | | (A- , A3) | | 01/15/15 | | | 5.125 | | | | 255,732 | | |
Telecommunications (2.6%) | | | |
| 410 | | | AT&T, Inc., Global Notes | | (A , A2) | | 09/15/34 | | | 6.150 | | | | 377,475 | | |
See Accompanying Notes to Financial Statements.
16
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Telecommunications | | | |
$ | 280 | | | Centennial Cellular Communications Corp., Global Company Guaranteed Notes (Callable 06/15/08 @ $105.06) | | (CCC , B3) | | 06/15/13 | | | 10.125 | | | $ | 296,100 | | |
| 345 | | | Embarq Corp., Notes | | (BBB- , Baa3) | | 06/01/16 | | | 7.082 | | | | 343,708 | | |
| 330 | | | LCI International, Inc., Senior Notes | | (NR , NR) | | 06/15/07 | | | 7.250 | | | | 330,825 | | |
| 280 | | | Level 3 Communications, Inc., Senior Notes (Callable 07/13/06 @ $100.00) | | (CCC- , Caa3) | | 05/01/08 | | | 9.125 | | | | 280,000 | | |
| 275 | | | Motorola, Inc., Notes | | (A- , Baa2) | | 11/16/07 | | | 4.608 | | | | 271,131 | | |
| 250 | | | Nextel Communications, Inc., Series E, Senior Notes (Callable 10/31/08 @ $103.44) | | (A- , Baa2) | | 10/31/13 | | | 6.875 | | | | 251,742 | | |
| 250 | | | SBC Communications, Inc., Global Notes | | (A , A2) | | 09/15/14 | | | 5.100 | | | | 232,307 | | |
| 245 | | | Sprint Capital Corp., Global Company Guaranteed Notes | | (A- , Baa2) | | 03/15/32 | | | 8.750 | | | | 296,289 | | |
| 325 | | | Verizon Communications, Inc., Global Notes | | (A , A3) | | 02/15/16 | | | 5.550 | | | | 305,287 | | |
| | | | | | | | | | | 2,984,864 | | |
Transportation (0.1%) | | | |
| 102 | | | Horizon Lines LLC, Global Company Guaranteed Notes (Callable 11/01/08 @ $104.50) | | (CCC+ , B3) | | 11/01/12 | | | 9.000 | | | | 104,040 | | |
| TOTAL CORPORATE BONDS (Cost $28,772,497) | | | | | | | | | | | | | | 27,896,414 | | |
ASSET BACKED SECURITIES (10.7%) | | | |
| 825 | | | Asset Backed Funding Certificates, Series 2005-AQ1, Class A4# | | (AAA , Aa) | | 06/25/35 | | | 5.010 | | | | 790,711 | | |
| 410 | | | Asset Backed Funding Certificates, Series 2005-AQ1, Class M1# | | (AAA , Aaa) | | 06/25/35 | | | 5.240 | | | | 388,802 | | |
| 1,105 | | | CDC Mortgage Capital Trust, Series 2003-HE4, Class M2# | | (A , A2) | | 03/25/34 | | | 6.973 | | | | 1,125,697 | | |
| 415 | | | CIT Group Home Equity Loan Trust, Series 2003-1, Class M1# | | (AA , Aa2) | | 10/20/32 | | | 4.670 | | | | 399,901 | | |
| 321 | | | Contimortgage Home Equity Loan Trust, Series 1996-4, Class A8 | | (AAA , Aaa) | | 01/15/28 | | | 7.220 | | | | 320,427 | | |
| 610 | | | Countrywide Asset-Backed Certificates, Series 2005-4, Class MF2 | | (AA , Aa2) | | 10/25/35 | | | 5.136 | | | | 586,301 | | |
| 1,160 | | | First Franklin Mortgage Loan Asset Backed Certificates, Series 2003-FFH2, Class B# | | (BB+ , Ba2) | | 02/25/34 | | | 6.900 | | | | 1,155,729 | | |
| 172 | | | Greenpoint Home Equity Loan Trust, Series 2003-1, Class A# | | (AAA , Aaa) | | 04/15/29 | | | 5.469 | | | | 172,489 | | |
| 1,380 | | | GSAA Home Equity Trust, Series 2005-12, Class AF4# | | (AAA , Aaa) | | 09/25/35 | | | 5.344 | | | | 1,322,860 | | |
| 775 | | | Master Asset Backed Securities Trust, Series 2004-OPT1, Class M7# | | (BBB- , Ba1) | | 02/25/34 | | | 9.073 | | | | 781,891 | | |
| 655 | | | MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1 | | (BBB , Baa2) | | 07/15/14 | | | 6.800 | | | | 685,908 | | |
| 750 | | | Morgan Stanley ABS Capital I, Series 2003-HE3, Class M3# | | (A- , A3) | | 10/25/33 | | | 7.323 | | | | 761,271 | | |
See Accompanying Notes to Financial Statements.
17
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
ASSET BACKED SECURITIES | | | |
$ | 585 | | | Morgan Stanley ABS Capital I, Series 2004-NC3, Class B3# | | (BBB- , Baa3) | | 03/25/34 | | | 8.323 | | | $ | 591,475 | | |
| 510 | | | Park Place Securities, Inc., Rule 144A, Series 2004-WCW2, Class M10#‡ | | (BB+ , Ba1) | | 10/25/34 | | | 8.073 | | | | 477,252 | | |
| 875 | | | Park Place Securities, Inc., Rule 144A, Series 2004-WHQ2, Class M10#‡ | | (BB+ , Ba1) | | 02/25/35 | | | 7.823 | | | | 797,617 | | |
| 690 | | | Popular ABS Mortgage Pass-Through Trust, Series 2005-1, Class AF4# | | (AAA , Aaa) | | 05/25/35 | | | 4.608 | | | | 661,214 | | |
| 455 | | | Securitized Asset Backed Receivables LLC, Series 2005-FR5, Class B4# | | (BBB- , Ba1) | | 08/25/35 | | | 7.573 | | | | 410,638 | | |
| 640 | | | Soundview Home Equity Loan Trust, Series 2005-B, Class M8# | | (BBB , Baa2) | | 05/25/35 | | | 6.704 | | | | 637,018 | | |
| 17 | | | Vanderbilt Mortgage Finance, Series 1998-C, Class 1B1 | | (BBB , Baa) | | 02/07/15 | | | 6.970 | | | | 16,884 | | |
| | TOTAL ASSET BACKED SECURITIES (Cost $12,189,375) | | | | | | | | | | | 12,084,085 | | |
MORTGAGE BACKED SECURITIES (60.8%) | | | |
| 90,202 | | | Bank of America Commercial Mortgage, Inc., Rule 144A, Series 2005-1, Class XW IO#‡ | | (AAA , Aaa) | | 11/10/42 | | | 0.161 | | | | 431,736 | | |
| 885 | | | Bank of America Commercial Mortgage, Inc., Series 2005-6, Class A4# | | (AAA , Aaa) | | 09/10/47 | | | 5.354 | | | | 846,198 | | |
| 1,705 | | | Bank of America Commercial Mortgage, Inc., Series 2006-2, Class AM# | | (AAA , Aaa) | | 05/10/45 | | | 5.776 | | | | 1,695,191 | | |
| 2,356 | | | Bank of America Funding Corp., Series 2006-E, Class 2A1# | | (AAA , Aaa) | | 06/20/36 | | | 5.891 | | | | 2,354,999 | | |
| 310 | | | Bank of America Large Loan, Inc., Rule 144A, Series 2006-LAQ, Class K#‡ | | (BBB- , Baa3) | | 02/09/21 | | | 6.150 | | | | 311,190 | | |
| 41,476 | | | Bear Stearns Commercial Mortgage Securities, Inc., Rule 144A, Series 2003-PWR2, Class X1 IO#‡ | | (AAA , Aaa) | | 05/11/39 | | | 0.207 | | | | 778,314 | | |
| 520 | | | Bear Stearns Commercial Mortgage Securities, Inc., Rule 144A, Series 2005-LXR1, Class H#‡ | | (AAA , Aaa) | | 09/15/18 | | | 6.399 | | | | 520,975 | | |
| 485 | | | Countrywide Alternative Loan Trust, Series 2006-OA11, Class M9# | | (BBB- , NR) | | 09/25/46 | | | 7.267 | | | | 480,713 | | |
| 54 | | | Fannie Mae Pool #077774 | | (AAA , Aaa) | | 01/01/10 | | | 10.000 | | | | 56,739 | | |
| 1,032 | | | Fannie Mae Pool #357739 | | (AAA , Aaa) | | 03/01/35 | | | 6.000 | | | | 1,016,622 | | |
| 510 | | | Fannie Mae Pool #713667 | | (AAA , Aaa) | | 07/01/33 | | | 5.000 | | | | 479,100 | | |
| 1,141 | | | Fannie Mae Pool #725231 | | (AAA , Aaa) | | 02/01/34 | | | 5.000 | | | | 1,072,315 | | |
| 1,161 | | | Fannie Mae Pool #733389 | | (AAA , Aaa) | | 08/01/33 | | | 5.000 | | | | 1,090,852 | | |
| 1,321 | | | Fannie Mae Pool #790724 | | (AAA , Aaa) | | 09/01/34 | | | 5.500 | | | | 1,272,628 | | |
| 1,271 | | | Fannie Mae Pool #797894^^ | | (AAA , Aaa) | | 04/01/35 | | | 5.000 | | | | 1,191,853 | | |
| 2,477 | | | Fannie Mae Pool #799947‡‡ | | (AAA , Aaa) | | 11/01/34 | | | 5.500 | | | | 2,386,305 | | |
| 2,131 | | | Fannie Mae Pool #801714^^ | | (AAA , Aaa) | | 10/01/34 | | | 5.000 | | | | 1,997,756 | | |
| 1,531 | | | Fannie Mae Pool #804293^^ | | (AAA , Aaa) | | 11/01/34 | | | 5.000 | | | | 1,435,241 | | |
| 1,300 | | | Fannie Mae Pool #826514 | | (AAA , Aaa) | | 07/01/35 | | | 6.000 | | | | 1,280,729 | | |
| 3,350 | | | Fannie Mae Pool #831465‡‡ | | (AAA , Aaa) | | 04/01/36 | | | 6.500 | | | | 3,368,023 | | |
| 1,021 | | | Fannie Mae Pool #849706 | | (AAA , Aaa) | | 06/01/35 | | | 6.000 | | | | 1,008,275 | | |
| 2,375 | | | Fannie Mae Pool #851037^^ | | (AAA , Aaa) | | 12/01/35 | | | 5.000 | | | | 2,222,037 | | |
See Accompanying Notes to Financial Statements.
18
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
MORTGAGE BACKED SECURITIES | | | |
$ | 2,760 | | | Fannie Mae Pool #878492‡‡ | | (AAA , Aaa) | | 02/01/36 | | | 5.500 | | | $ | 2,650,164 | | |
| 1,805 | | | Fannie Mae Pool #891477^^ | | (AAA , Aaa) | | 04/01/36 | | | 6.500 | | | | 1,822,455 | | |
| 1 | | | Federal National Mortgage Association, Series 1991-165, Class M | | (AAA , Aaa) | | 12/25/21 | | | 8.250 | | | | 600 | | |
| 1,130 | | | Federal National Mortgage Association, Series 2006-46, Class PG# | | (AAA , Aaa) | | 02/25/35 | | | 5.500 | | | | 1,076,182 | | |
| 2,240 | | | First Horizon Mortgage Pass-Through Trust, Series 2006-AR1, Class 2A1# | | (AAA , Aaa) | | 05/25/36 | | | 5.906 | | | | 2,226,441 | | |
| 775 | | | FNMA TBA | | (AAA , Aaa) | | 07/01/36 | | | 5.000 | | | | 724,625 | | |
| 2,365 | | | FNMA TBA | | (AAA , Aaa) | | 07/01/36 | | | 5.500 | | | | 2,271,878 | | |
| 7,145 | | | FNMA TBA | | (AAA , Aaa) | | 07/01/36 | | | 6.000 | | | | 7,030,568 | | |
| 1,105 | | | FNMA TBA | | (AAA , Aaa) | | 07/01/36 | | | 7.000 | | | | 1,130,380 | | |
| 1,205 | | | Freddie Mac Global Bonds | | (AAA , Aaa) | | 06/18/14 | | | 5.250 | | | | 1,187,640 | | |
| 2,300 | | | Freddie Mac Global Notes§ | | (AAA , Aaa) | | 02/17/09 | | | 4.875 | | | | 2,271,121 | | |
| 1,455 | | | Freddie Mac Global Notes‡‡ | | (AAA , Aaa) | | 11/15/13 | | | 4.875 | | | | 1,402,149 | | |
| 1,104 | | | Freddie Mac Pool #A23629‡‡ | | (AAA , Aaa) | | 06/01/34 | | | 5.000 | | | | 1,035,947 | | |
| 433 | | | Freddie Mac Pool #B11354 | | (AAA , Aaa) | | 12/01/18 | | | 5.000 | | | | 417,658 | | |
| 3,631 | | | Ginnie Mae Pool #521331^^ | | (AAA , Aaa) | | 05/15/35 | | | 5.500 | | | | 3,519,751 | | |
| 1,230 | | | GMAC Commercial Mortgage Securities, Inc., Series 1997-C2, Class B, Subordinated Bonds | | (AAA , Aaa) | | 04/15/29 | | | 6.703 | | | | 1,244,537 | | |
| 0 | | | GNMA TBA1 | | (AAA , Aaa) | | 07/01/36 | | | 6.000 | | | | 1,260 | | |
| 940 | | | Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class AM# | | (AAA , Aaa) | | 06/10/16 | | | 6.110 | | | | 937,670 | | |
| 2,249 | | | JP Morgan Mortgage Trust, Series 2006-A4, Class 1A1 | | (AAA , Aaa) | | 06/25/36 | | | 5.862 | | | | 2,242,125 | | |
| 1,735 | | | LB-UBS Commercial Mortgage Trust, Series 2005-C2, Class A5 | | (AAA , Aaa) | | 04/15/30 | | | 5.150 | | | | 1,645,464 | | |
| 686 | | | Master Specialized Loan Trust, Series 2005-3, Class A2# | | (AAA , Aaa) | | 11/25/35 | | | 5.704 | | | | 665,328 | | |
| 36,589 | | | Merrill Lynch Mortgage Trust, Rule 144A, Series 2003-KEY1, Class XC IO#‡ | | (AAA , Aaa) | | 11/12/35 | | | 0.157 | | | | 373,282 | | |
| 1,150 | | | Merrill Lynch Mortgage Trust, Series 2006-C1, Class AM# | | (AAA , Aaa) | | 05/12/39 | | | 5.844 | | | | 1,132,914 | | |
| 1,019 | | | Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21# | | (AAA , Aaa) | | 09/25/34 | | | 5.378 | | | | 1,008,473 | | |
| 1,112 | | | Residential Accredit Loans, Inc., Series 2006-QA1, Class A21# | | (AAA , Aaa) | | 01/25/36 | | | 6.008 | | | | 1,109,624 | | |
| 650 | | | Residential Accredit Loans, Inc., Series 2006-QO6, Class M9# | | (BBB , Baa3) | | 06/25/46 | | | 7.100 | | | | 641,283 | | |
| 385 | | | Residential Asset Mortgage Products, Inc., Series 2004-RS3, Class M4 | | (BBB , Baa2) | | 03/25/34 | | | 5.631 | | | | 371,926 | | |
| 1,525 | | | Residential Funding Mortgage Securities I, Series 2006-SA1, Class 1A1# | | (AAA , Aaa) | | 02/25/36 | | | 5.685 | | | | 1,512,999 | | |
| TOTAL MORTGAGE BACKED SECURITIES (Cost $69,940,849) | | | | | | | | | | | | | | 68,952,235 | | |
See Accompanying Notes to Financial Statements.
19
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
FOREIGN BONDS (1.9%) | | | |
Commercial Services (0.3%) | | | |
$ | 295 | | | Ashtead Holdings PLC, Rule 144A, Secured Notes (Callable 08/01/10 @ $104.31) (United Kingdom)‡ | | (B , B2) | | 08/01/15 | | | 8.625 | | | $ | 299,425 | | |
Electric (0.2%) | | | |
| 240 | | | Compania Nacional de Transmision Electrica SA, Global Senior Notes (Chile) | | (A- , Baa1) | | 04/15/11 | | | 7.875 | | | | 253,024 | | |
Insurance (0.2%) | | | |
| 200 | | | Everest Reinsurance Holdings, Notes (Bermuda) | | (A- , A3) | | 10/15/14 | | | 5.400 | | | | 187,410 | | |
Miscellaneous Manufacturing (0.5%) | | | |
| 555 | | | Tyco International Group SA, Yankee Company Guaranteed Notes (Luxembourg) | | (BBB+ , Baa3) | | 10/15/11 | | | 6.375 | | | | 566,939 | | |
Oil & Gas (0.4%) | | | |
| 115 | | | Canadian Natural Resources, Ltd., Yankee Notes (Canada) | | (BBB+ , Baa1) | | 07/15/11 | | | 6.700 | | | | 119,125 | | |
| 320 | | | Petroliam Nasional Berhad, Rule 144A, Bonds (Malaysia)‡ | | (A- , A1) | | 08/15/15 | | | 7.750 | | | | 358,137 | | |
| | | | | | | | | | | 477,262 | | |
Pipelines (0.1%) | | | |
| 180 | | | Trans-Canada Pipelines, Ltd., Yankee Bonds (Canada) | | (A- , A2) | | 01/15/15 | | | 4.875 | | | | 167,957 | | |
Telecommunications (0.2%) | | | |
| 250 | | | Intelsat, Ltd., Global Senior Notes (Bermuda) | | (B , Caa2) | | 11/01/08 | | | 5.250 | | | | 236,250 | | |
| TOTAL FOREIGN BONDS (Cost $2,278,348) | | | | | | | | | | | | | | 2,188,267 | | |
UNITED STATES TREASURY OBLIGATIONS (3.2%) | | | |
| 905 | | | United States Treasury Bonds | | (AAA , Aaa) | | 05/31/11 | | | 4.875 | | | | 896,092 | | |
| 285 | | | United States Treasury Bonds | | (AAA , Aaa) | | 05/15/16 | | | 5.125 | | | | 284,756 | | |
| 1,605 | | | United States Treasury Bonds§ | | (AAA , Aaa) | | 02/15/36 | | | 4.500 | | | | 1,439,611 | | |
| 1,025 | | | United States Treasury Notes§ | | (AAA , Aaa) | | 11/15/08 | | | 4.375 | | | | 1,007,784 | | |
| TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $3,808,562) | | | | | | | | | | | | | | 3,628,243 | | |
Number of Shares | | | | | | | | | | | |
COMMON STOCK (0.0%) | | | |
Telecommunications (0.0%) | | | |
| 1,585 | | | XO Holdings, Inc.*§ (Cost $0) | | | | | | | | | | | 6,974 | | |
WARRANTS (0.0%) | | | |
Building Materials (0.0%) | | | |
| 240 | | | Dayton Superior Corp., Rule 144A, strike price $0.01, expires 06/15/09*‡ | | | | | | | | | | | 3 | | |
See Accompanying Notes to Financial Statements.
20
Credit Suisse Institutional Fixed Income Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Number of Shares | |
| |
| | Maturity | | Rate% | | Value | |
WARRANTS | | | |
Telecommunications (0.0%) | | | |
$ | 130 | | | GT Group Telecom, Inc., Rule 144A, strike price $0.00, expires 02/01/10*‡^ | | | | | | | | | | $ | 0 | | |
| 3,171 | | | XO Holdings, Inc., Series A, strike price $6.25, expires 01/16/10* | | | | | | | | | | | 2,727 | | |
| 2,378 | | | XO Holdings, Inc., Series B, strike price $7.50, expires 01/16/10* | | | | | | | | | | | 1,070 | | |
| 2,378 | | | XO Holdings, Inc., Series C, strike price $10.00, expires 01/16/10* | | | | | | | | | | | 856 | | |
| | | | | | | | | | | 4,653 | | |
| TOTAL WARRANTS (Cost $11,300) | | | | | | | | | | | | | | 4,656 | | |
SHORT-TERM INVESTMENTS (13.9%) | | | |
| 9,528,724 | | | State Street Navigator Prime Portfolio§§ | | | | | | | | | | | 9,528,724 | | |
Par (000) | |
| |
| |
| |
| |
| |
$ | 2,270 | | | Freddie Mac Discount Notes§ | | | | 07/12/06 | | | 5.117 | | | | 2,266,490 | | |
| 3,730 | | | State Street Bank and Trust Co. Euro Time Deposit‡‡ | | | | 07/03/06 | | | 4.100 | | | | 3,730,000 | | |
| 170 | | | United States Treasury Bills | | | | 08/10/06 | | | 4.710 | | | | 169,134 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $15,694,348) | | | | | | | | | | | | | | 15,694,348 | | |
| TOTAL INVESTMENTS AT VALUE (115.1%) (Cost $132,695,279) | | | | | | | | | | | | | | 130,455,222 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS (-15.1%) | | | | | | | | (17,121,328) | |
| NET ASSETS (100.0%) | | | | | | | | | | | | | $ | 113,333,894 | | |
INVESTMENT ABBREVIATIONS
IO = Interest Only
MTNA = Medium Term Note Series A
NR = Not Rated
TBA = To Be Announced
† Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.
‡ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2006, these securities amounted to a value of $7,664,122 or 6.8% of net assets.
‡‡ Collateral segregated for futures contracts.
* Non-income producing security.
^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.
# Variable rate obligations — The interest rate shown is the rate as of June 30, 2006.
§ Security or portion thereof is out on loan.
§§ Represents security purchased with cash collateral received for securities on loan.
^^ Collateral segregated for TBA securities.
(1) Par value of security held is less than 1,000.
See Accompanying Notes to Financial Statements.
21
Credit Suisse Global High Yield Fund
Schedule of Investments
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS (82.2%) | | | |
Aerospace & Defense (1.7%) | | | |
$ | 75 | | | DRS Technologies, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.81) | | (B , B3) | | 02/01/18 | | | 7.625 | | | $ | 75,000 | | |
| 75 | | | DRS Technologies, Inc., Global Senior Subordinated Notes (Callable 11/01/08 @ $103.44) | | (B , B3) | | 11/01/13 | | | 6.875 | | | | 72,563 | | |
| 125 | | | K&F Acquisition, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $103.88)§ | | (B- , Caa1) | | 11/15/14 | | | 7.750 | | | | 123,750 | | |
| 50 | | | L-3 Communications Corp., Global Company Guaranteed Notes (Callable 07/15/08 @ $103.06) | | (BB+ , Ba3) | | 07/15/13 | | | 6.125 | | | | 47,875 | | |
| 125 | | | L-3 Communications Corp., Global Senior Subordinated Notes (Callable 01/15/10 @ $102.94) | | (BB+ , Ba3) | | 01/15/15 | | | 5.875 | | | | 117,187 | | |
| 125 | | | TransDigm, Inc., Rule 144A, Senior Subordinated Notes (Callable 07/15/09 @ $105.81)‡ | | (B- , B3) | | 07/15/14 | | | 7.750 | | | | 125,000 | | |
| | | | | | | | | | | 561,375 | | |
Agriculture (0.6%) | | | |
| 200 | | | Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 11/01/07 @ $108.00)‡ | | (B , B3) | | 11/01/10 | | | 10.500 | | | | 210,000 | | |
Auto Loans (3.7%) | | | |
| 85 | | | Ford Motor Credit Co., Global Notes | | (B+ , Ba3) | | 10/01/13 | | | 7.000 | | | | 73,253 | | |
| 600 | | | Ford Motor Credit Co., Notes | | (B+ , Ba3) | | 06/16/08 | | | 6.625 | | | | 571,330 | | |
| 425 | | | General Motors Acceptance Corp., Global Notes§ | | (BB , Ba1) | | 05/15/09 | | | 5.625 | | | | 404,503 | | |
| 175 | | | General Motors Acceptance Corp., Global Notes§ | | (BB , Ba1) | | 12/01/14 | | | 6.750 | | | | 162,797 | | |
| | | | | | | | | | | 1,211,883 | | |
Automobile Parts & Equipment (2.0%) | | | |
| 75 | | | Altra Industrial Motion, Inc., Global Secured Notes (Callable 12/01/08 @ $104.50)# | | (CCC+ , B3) | | 12/01/11 | | | 9.000 | | | | 75,750 | | |
| 50 | | | ArvinMeritor, Inc., Notes§ | | (BB- , Ba3) | | 03/01/12 | | | 8.750 | | | | 49,000 | | |
| 55 | | | Cooper-Standard Automotive, Inc., Global Company Guaranteed Notes (Callable 12/15/09 @ $104.19)§ | | (B- , Caa1) | | 12/15/14 | | | 8.375 | | | | 43,656 | | |
| 65 | | | Cummins, Inc., Global Senior Notes (Callable 12/01/06 @ $104.75)# | | (BBB- , Baa3) | | 12/01/10 | | | 9.500 | | | | 68,798 | | |
| 150 | | | Goodyear Tire & Rubber Co., Global Senior Notes (Callable 07/01/10 @ $104.50)§ | | (B- , B3) | | 07/01/15 | | | 9.000 | | | | 144,000 | | |
| 50 | | | Insurance Auto Auctions, Inc., Global Company Guaranteed Notes (Callable 04/01/09 @ $105.50) | | (CCC+ , Caa1) | | 04/01/13 | | | 11.000 | | | | 49,500 | | |
| 4 | | | Meritor Automotive, Inc., Notes | | (BB- , Ba3) | | 02/15/09 | | | 6.800 | | | | 3,880 | | |
| 100 | | | Stanadyne Corp., Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00) | | (CCC+ , Caa1) | | 08/15/14 | | | 10.000 | | | | 94,000 | | |
See Accompanying Notes to Financial Statements.
22
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Automobile Parts & Equipment | | | |
$ | 65 | | | TRW Automotive, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $105.50) | | (BB- , B1) | | 02/15/13 | | | 11.000 | | | $ | 71,337 | | |
| 50 | | | Visteon Corp., Global Senior Notes§ | | (B- , B3) | | 08/01/10 | | | 8.250 | | | | 47,000 | | |
| | | | | | | | | | | 646,921 | | |
Automotive (0.4%) | | | |
| 45 | | | General Motors Corp., Global Debentures§ | | (B- , Caa1) | | 07/15/33 | | | 8.375 | | | | 36,450 | | |
| 100 | | | General Motors Corp., Global Senior Notes§ | | (B- , Caa1) | | 07/15/13 | | | 7.125 | | | | 82,750 | | |
| | | | | | | | | | | 119,200 | | |
Brokerage (0.2%) | | | |
| 75 | | | E*TRADE Financial Corp., Senior Unsecured Notes (Callable 12/01/10 @ $103.94) | | (B+ , Ba2) | | 12/01/15 | | | 7.875 | | | | 77,250 | | |
Building & Construction (1.6%) | | | |
| 50 | | | Ashton Woods USA/Finance, Global Senior Subordinated Notes (Callable 10/01/10 @ $104.75) | | (B- , B3) | | 10/01/15 | | | 9.500 | | | | 44,500 | | |
| 75 | | | Beazer Homes USA, Inc., Global Company Guaranteed Notes (Callable 04/15/07 @ $104.19) | | (BB , Ba1) | | 04/15/12 | | | 8.375 | | | | 75,375 | | |
| 100 | | | K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes | | (BB , Ba1) | | 01/15/16 | | | 6.250 | | | | 87,250 | | |
| 25 | | | KB Home, Senior Notes | | (BB+ , Ba1) | | 06/15/15 | | | 6.250 | | | | 22,353 | | |
| 50 | | | KB Home, Senior Subordinated Notes | | (BB- , Ba2) | | 12/15/08 | | | 8.625 | | | | 52,063 | | |
| 75 | | | Standard Pacific Corp., Global Senior Notes§ | | (BB , Ba2) | | 08/15/15 | | | 7.000 | | | | 66,938 | | |
| 50 | | | Technical Olympic USA, Inc., Rule 144A, Senior Notes‡ | | (B+ , Ba3) | | 04/01/11 | | | 8.250 | | | | 46,875 | | |
| 50 | | | WCI Communities, Inc., Global Company Guaranteed Notes (Callable 05/01/07 @ $104.56)§ | | (B+ , Ba3) | | 05/01/12 | | | 9.125 | | | | 47,125 | | |
| 75 | | | William Lyon Homes, Inc., Global Senior Notes (Callable 12/15/08 @ $103.81) | | (B , B2) | | 12/15/12 | | | 7.625 | | | | 62,625 | | |
| | | | | | | | | | | 505,104 | | |
Building Materials (1.4%) | | | |
| 200 | | | Coleman Cable, Inc., Global Company Guaranteed Notes (Callable 10/01/08 @ $104.94) | | (B- , B3) | | 10/01/12 | | | 9.875 | | | | 186,000 | | |
| 50 | | | Goodman Global Holding Company, Inc., Global Senior Subordinated Notes (Callable 12/15/08 @ 103.94)§ | | (B- , B3) | | 12/15/12 | | | 7.875 | | | | 48,000 | | |
| 75 | | | Norcraft Companies LP, Global Senior Subordinated Notes (Callable 11/01/07 @ $104.50) | | (B- , B3) | | 11/01/11 | | | 9.000 | | | | 76,687 | | |
| 75 | | | Nortek, Inc., Global Senior Subordinated Notes (Callable 09/01/09 @ $104.25) | | (CCC+ , Caa1) | | 09/01/14 | | | 8.500 | | | | 72,938 | | |
See Accompanying Notes to Financial Statements.
23
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Building Materials | | | |
$ | 75 | | | Ply Gem Industries, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50)§ | | (B- , B3) | | 02/15/12 | | | 9.000 | | | $ | 68,625 | | |
| | | | | | | | | | | 452,250 | | |
Chemicals (3.3%) | | | |
| 50 | | | Chemtura Corp., Company Guaranteed Notes | | (BB+ , Ba1) | | 06/01/16 | | | 6.875 | | | | 48,563 | | |
| 105 | | | Crystal US Holdings, Global Senior Discount Notes (Callable 10/01/09 @ $105.25)+ | | (B , Caa2) | | 10/01/14 | | | 0.000 | | | | 82,687 | | |
| 100 | | | Equistar Chemicals LP/ Equistar Funding Corp., Global Company Guaranteed Notes | | (BB- , B1) | | 09/01/08 | | | 10.125 | | | | 105,750 | | |
| 66 | | | Huntsman LLC, Global Company Guaranteed Notes (Callable 07/15/08 @ $105.75)# | | (B , B2) | | 07/15/12 | | | 11.500 | | | | 74,085 | | |
| 100 | | | IMC Global, Inc., Series B, Global Company Guaranteed Notes (Callable 06/01/07 @ $103.75) | | (BB , Ba3) | | 06/01/11 | | | 11.250 | | | | 106,000 | | |
| 150 | | | KI Holdings, Inc., Global Senior Discount Notes (Callable 11/15/09 @ $104.94)+ | | (B- , Caa1) | | 11/15/14 | | | 9.875 | | | | 108,000 | | |
| 200 | | | Lyondell Chemical Co., Global Company Guaranteed Notes (Callable 06/01/08 @ $105.25) | | (BB- , Ba3) | | 06/01/13 | | | 10.500 | | | | 221,000 | | |
| 75 | | | Nalco Co., Global Senior Notes (Callable 11/15/07 @ $103.88) | | (B- , B2) | | 11/15/11 | | | 7.750 | | | | 75,187 | | |
| 50 | | | Nalco Finance Holdings, Inc., Global Senior Notes (Callable 02/01/09 @ $104.50)+ | | (B- , Caa2) | | 02/01/14 | | | 0.000 | | | | 37,750 | | |
| 50 | | | PolyOne Corp., Global Company Guaranteed Notes (Callable 05/15/07 @ $105.31)§ | | (B+ , B3) | | 05/15/10 | | | 10.625 | | | | 54,000 | | |
| 100 | | | PolyOne Corp., Senior Notes | | (B+ , B3) | | 05/01/12 | | | 8.875 | | | | 100,875 | | |
| 65 | | | Terra Capital, Inc., Global Secured Notes (Callable 06/01/07 @ $105.75) | | (B- , B2) | | 06/01/10 | | | 11.500 | | | | 71,175 | | |
| | | | | | | | | | | 1,085,072 | | |
Computer Hardware (0.1%) | | | |
| 35 | | | Activant Solutions, Inc. Rule 144A, Senior Subordinated Notes (Callable 05/01/11 @ $104.75)‡ | | (CCC+ , Caa1) | | 05/01/16 | | | 9.500 | | | | 34,038 | | |
Consumer Products (2.0%) | | | |
| 125 | | | AAC Group Holding Corp., Global Senior Discount Notes (Callable 10/01/08 @ $105.13)+ | | (CCC+ , Caa1) | | 10/01/12 | | | 0.000 | | | | 98,125 | | |
| 25 | | | American Greetings Corp., Senior Unsecured Notes (Callable 06/01/11 @ $103.69) | | (BB+ , Ba2) | | 06/01/16 | | | 7.375 | | | | 25,250 | | |
| 75 | | | Amscan Holdings, Inc., Global Senior Subordinated Notes (Callable 05/01/09 @ $104.38) | | (CCC+ , Caa1) | | 05/01/14 | | | 8.750 | | | | 66,000 | | |
| 100 | | | Jarden Corp., Global Company Guaranteed Notes (Callable 05/01/07 @ $104.88)§ | | (B- , B3) | | 05/01/12 | | | 9.750 | | | | 102,500 | | |
See Accompanying Notes to Financial Statements.
24
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Consumer Products | | | |
$ | 65 | | | Playtex Products, Inc., Global Company Guaranteed Notes (Callable 09/07/06 @ $104.69)§ | | (CCC+ , Caa1) | | 06/01/11 | | | 9.375 | | | $ | 68,006 | | |
| 100 | | | Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/08 @ $104.63)§ | | (B- , B3) | | 04/15/12 | | | 9.250 | | | | 98,500 | | |
| 50 | | | Samsonite Corp., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.44) | | (B , B3) | | 06/01/11 | | | 8.875 | | | | 52,125 | | |
| 150 | | | True Temper Sports, Inc., Global Company Guaranteed Notes (Callable 03/15/08 @ $104.19) | | (CCC+ , Caa1) | | 09/15/11 | | | 8.375 | | | | 137,250 | | |
| | | | | | | | | | | 647,756 | | |
Diversified Capital Goods (0.7%) | | | |
| 50 | | | Blount, Inc., Senior Subordinated Notes (Callable 08/01/08 @ $104.44) | | (B , B2) | | 08/01/12 | | | 8.875 | | | | 50,000 | | |
| 75 | | | Sensus Metering Systems, Global Senior Subordinated Notes (Callable 12/15/08 @ $104.31) | | (B- , Caa1) | | 12/15/13 | | | 8.625 | | | | 73,500 | | |
| 100 | | | TriMas Corp., Global Company Guaranteed Notes (Callable 06/15/07 @ $104.94) | | (CCC+ , Caa1) | | 06/15/12 | | | 9.875 | | | | 92,000 | | |
| | | | | | | | | | | 215,500 | | |
Electric — Generation (2.1%) | | | |
| 150 | | | AES Corp., Senior Notes | | (B , B1) | | 03/01/14 | | | 7.750 | | | | 151,500 | | |
| 100 | | | Dynegy Holdings, Inc., Senior Notes | | (B- , B2) | | 04/01/11 | | | 6.875 | | | | 95,000 | | |
| 100 | | | Edison Mission Energy, Senior Notes | | (B+ , B1) | | 06/15/09 | | | 7.730 | | | | 101,500 | | |
| 75 | | | NRG Energy, Inc., Senior Notes (Callable 02/01/09 @ $107.25) | | (B- , B1) | | 02/01/14 | | | 7.250 | | | | 73,312 | | |
| 100 | | | NRG Energy, Inc., Senior Notes (Callable 02/01/11 @ $103.69) | | (B- , B1) | | 02/01/16 | | | 7.375 | | | | 97,750 | | |
| 150 | | | Reliant Resources, Inc., Global Secured Notes (Callable 07/15/08 @ $104.75) | | (B , B2) | | 07/15/13 | | | 9.500 | | | | 151,500 | | |
| | | | | | | | | | | 670,562 | | |
Electric — Integrated (0.9%) | | | |
| 50 | | | Allegheny Energy Supply Company LLC, Global Notes | | (BB- , Ba3) | | 03/15/11 | | | 7.800 | | | | 52,125 | | |
| 100 | | | CMS Energy Corp., Senior Notes§ | | (B+ , B1) | | 01/15/09 | | | 7.500 | | | | 101,750 | | |
| 100 | | | Mirant North America LLC, Rule 144A, Senior Notes (Callable 12/31/09 @ $103.69)‡ | | (B- , B1) | | 12/31/13 | | | 7.375 | | | | 97,000 | | |
| 25 | | | Sierra Pacific Resources, Global Senior Notes (Callable 03/15/09 @ $104.31)§ | | (B- , B1) | | 03/15/14 | | | 8.625 | | | | 26,609 | | |
| | | | | | | | | | | 277,484 | | |
See Accompanying Notes to Financial Statements.
25
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Electronics (1.7%) | | | |
$ | 125 | | | Amkor Technology, Inc., Global Senior Notes (Callable 05/15/08 @ $103.88)§ | | (CCC+ , Caa1) | | 05/15/13 | | | 7.750 | | | $ | 113,594 | | |
| 50 | | | Amkor Technology, Inc., Senior Unsecured Notes (Callable 06/01/11 @ $104.63) | | (CCC+ , Caa1) | | 06/01/16 | | | 9.250 | | | | 47,625 | | |
| 33 | | | Ampex Corp., Secured Notes^ | | (NR , NR) | | 08/15/08 | | | 12.000 | | | | 33,493 | | |
| 75 | | | Magnachip Semiconductor, Global Senior Subordinated Notes (Callable 12/15/09 @ $104.00)§ | | (B- , B2) | | 12/15/14 | | | 8.000 | | | | 62,625 | | |
| 100 | | | Sanmina-SCI Corp., Senior Subordinated Notes (Callable 03/01/11 @ $104.06) | | (B , B1) | | 03/01/16 | | | 8.125 | | | | 98,000 | | |
| 100 | | | Spansion, Inc., Rule 144A, Senior Notes (Callable 01/15/11 @ $105.63)‡ | | (B , Caa1) | | 01/15/16 | | | 11.250 | | | | 101,250 | | |
| 100 | | | UCAR Finance, Inc., Global Company Guaranteed Notes (Callable 02/15/07 @ $105.13)§ | | (B- , B2) | | 02/15/12 | | | 10.250 | | | | 106,000 | | |
| | | | | | | | | | | 562,587 | | |
Energy — Exploration & Production (2.4%) | | | |
| 226 | | | Chesapeake Energy Corp., Senior Notes (Callable 01/15/09 @ $103.44) | | (BB , Ba2) | | 01/15/16 | | | 6.875 | | | | 214,700 | | |
| 250 | | | El Paso Production Holding Co., Global Company Guaranteed Notes (Callable 06/01/08 @ $103.88) | | (B+ , B1) | | 06/01/13 | | | 7.750 | | | | 253,125 | | |
| 65 | | | Magnum Hunter Resources, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $104.80) | | (BB- , Ba3) | | 03/15/12 | | | 9.600 | | | | 68,900 | | |
| 100 | | | Plains Exploration & Production Company LP, Global Senior Subordinated Notes (Callable 07/01/07 @ $104.38) | | (B+ , Ba3) | | 07/01/12 | | | 8.750 | | | | 105,250 | | |
| 50 | | | Range Resources Corp., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.19) | | (B , B2) | | 03/15/15 | | | 6.375 | | | | 46,375 | | |
| 100 | | | Swift Energy Co., Senior Notes (Callable 07/15/08 @ $103.81) | | (BB- , B1) | | 07/15/11 | | | 7.625 | | | | 100,000 | | |
| | | | | | | | | | | 788,350 | | |
Environmental (1.6%) | | | |
| 100 | | | Aleris International, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $104.50)§ | | (B , B3) | | 11/15/14 | | | 9.000 | | | | 102,250 | | |
| 350 | | | Allied Waste North America, Inc., Series B, Global Senior Notes (Callable 04/15/09 @ $103.69)§ | | (B+ , Caa1) | | 04/15/14 | | | 7.375 | | | | 334,250 | | |
| 75 | | | Waste Services, Inc., Global Senior Subordinated Notes (Callable 04/15/09 @ $104.75)§ | | (CCC , Caa2) | | 04/15/14 | | | 9.500 | | | | 76,125 | | |
| | | | | | | | | | | 512,625 | | |
Food & Drug Retailers (0.8%) | | | |
| 75 | | | Delhaize America, Inc., Global Company Guaranteed Notes | | (BB+ , Ba1) | | 04/15/11 | | | 8.125 | | | | 79,251 | | |
See Accompanying Notes to Financial Statements.
26
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Food & Drug Retailers | | | |
$ | 75 | | | Rite Aid Corp., Global Secured Notes (Callable 05/01/07 @ $104.06) | | (B+ , B2) | | 05/01/10 | | | 8.125 | | | $ | 75,750 | | |
| 100 | | | Stater Brothers Holdings, Inc., Global Senior Notes (Callable 06/15/08 @ $104.06)§ | | (B+ , B1) | | 06/15/12 | | | 8.125 | | | | 99,250 | | |
| | | | | | | | | | | 254,251 | | |
Food — Wholesale (0.7%) | | | |
| 25 | | | Birds Eye Foods, Inc., Company Guaranteed Notes (Callable 11/01/06 @ $100.00) | | (B- , B3) | | 11/01/08 | | | 11.875 | | | | 25,594 | | |
| 75 | | | Eagle Family Foods, Inc., Series B, Company Guaranteed Notes (Callable 09/07/06 @ $100.00) | | (CCC , Caa2) | | 01/15/08 | | | 8.750 | | | | 60,937 | | |
| 50 | | | National Beef Packing Company LLC, Global Senior Notes (Callable 08/01/07 @ $105.25) | | (B- , B3) | | 08/01/11 | | | 10.500 | | | | 50,750 | | |
| 100 | | | Pinnacle Foods Holding Corp., Global Senior Subordinated Notes (Callable 12/01/08 @ $104.13)§ | | (B- , B3) | | 12/01/13 | | | 8.250 | | | | 98,750 | | |
| | | | | | | | | | | 236,031 | | |
Forestry/Paper (1.6%) | | | |
| 75 | | | Boise Cascade LLC, Global Company Guaranteed Notes (Callable 10/15/09 @ $103.56) | | (B+ , B2) | | 10/15/14 | | | 7.125 | | | | 66,750 | | |
| 100 | | | Cellu Tissue Holdings, Global Secured Notes (Callable 03/15/07 @ $107.31) | | (B , B2) | | 03/15/10 | | | 9.750 | | | | 98,000 | | |
| 70 | | | Georgia-Pacific Corp., Notes | | (B , B2) | | 05/15/31 | | | 8.875 | | | | 70,000 | | |
| 100 | | | Graphic Packaging International Corp., Global Senior Subordinated Notes (Callable 08/15/08 @ 104.75)§ | | (B- , B3) | | 08/15/13 | | | 9.500 | | | | 99,500 | | |
| 50 | | | NewPage Corp., Global Secured Notes (Callable 05/01/09 @ $106.00)§ | | (CCC+ , B3) | | 05/01/12 | | | 10.000 | | | | 52,000 | | |
| 125 | | | Smurfit-Stone Container, Global Senior Notes (Callable 07/01/07 @ $104.19) | | (CCC+ , B2) | | 07/01/12 | | | 8.375 | | | | 118,750 | | |
| | | | | | | | | | | 505,000 | | |
Gaming (4.2%) | | | |
| 100 | | | CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/09 @ $104.00)‡§ | | (CCC+ , B3) | | 08/01/13 | | | 8.000 | | | | 95,000 | | |
| 100 | | | Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11 @ $103.63)‡ | | (BB- , B1) | | 11/15/19 | | | 7.250 | | | | 98,500 | | |
| 25 | | | Circus & Eldorado, Global First Mortgage Notes (Callable 03/01/07 @ $105.06) | | (B , B2) | | 03/01/12 | | | 10.125 | | | | 26,531 | | |
| 50 | | | Hard Rock Hotel, Inc., Global Notes (Callable 06/01/08 @ $104.44) | | (B , B3) | | 06/01/13 | | | 8.875 | | | | 53,938 | | |
| 100 | | | Herbst Gaming, Inc., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.06) | | (B- , B3) | | 06/01/12 | | | 8.125 | | | | 101,250 | | |
See Accompanying Notes to Financial Statements.
27
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Gaming | | | |
$ | 100 | | | Inn of the Mountain Gods, Global Senior Notes (Callable 11/15/07 @ $106.00)‡ | | (B , B3) | | 11/15/10 | | | 12.000 | | | $ | 106,750 | | |
| 75 | | | Jacobs Entertainment, Inc., Rule 144A, Senior Notes (Callable 06/15/10 @ $104.88)‡ | | (B- , B3) | | 06/15/14 | | | 9.750 | | | | 75,750 | | |
| 75 | | | Majestic Star Casino LLC, Company Guaranteed Notes (Callable 10/15/07 @ $104.75) | | (BB- , B2) | | 10/15/10 | | | 9.500 | | | | 78,937 | | |
| 50 | | | Majestic Star Casino LLC, Rule 144A, Secured Notes (Callable 10/15/08 @ $104.88)‡ | | (B- , B3) | | 01/15/11 | | | 9.750 | | | | 50,375 | | |
| 50 | | | MGM Mirage, Company Guaranteed Notes | | (BB , Ba2) | | 09/15/10 | | | 8.500 | | | | 52,188 | | |
| 100 | | | MGM Mirage, Company Guaranteed Notes§ | | (B+ , Ba3) | | 02/01/11 | | | 8.375 | | | | 103,000 | | |
| 225 | | | MGM Mirage, Global Senior Notes | | (BB , Ba2) | | 09/01/12 | | | 6.750 | | | | 217,687 | | |
| 100 | | | Seneca Gaming Corp., Global Senior Notes (Callable 05/01/08 @ $103.63) | | (BB , B1) | | 05/01/12 | | | 7.250 | | | | 97,375 | | |
| 25 | | | Trump Entertainment Resorts, Inc., Secured Notes (Callable 06/01/10 @ $104.25)§ | | (B- , Caa1) | | 06/01/15 | | | 8.500 | | | | 24,156 | | |
| 94 | | | Waterford Gaming LLC, Rule 144A, Senior Notes (Callable 09/15/08 @ $103.55)‡ | | (BB- , B1) | | 09/15/12 | | | 8.625 | | | | 99,640 | | |
| 100 | | | Wynn Las Vegas LLC, Global Notes (Callable 12/01/09 @ $103.31) | | (B+ , B2) | | 12/01/14 | | | 6.625 | | | | 94,750 | | |
| | | | | | | | | | | 1,375,827 | | |
Gas Distribution (6.7%) | | | |
| 100 | | | Amerigas Partners/Eagle Finance Corp., Senior Notes (Callable 05/20/11 @ $103.56) | | (BB- , B1) | | 05/20/16 | | | 7.125 | | | | 94,250 | | |
| 300 | | | El Paso Corp., Senior Notes | | (B , B2) | | 05/15/11 | | | 7.000 | | | | 297,375 | | |
| 75 | | | Inergy LP/Inergy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13) | | (B , B1) | | 03/01/16 | | | 8.250 | | | | 76,125 | | |
| 1,070 | | | MarkWest Energy Partners LP, Rule 144A, Senior Notes (Callable 07/15/11 @ $104.25)‡ | | (B , B2) | | 07/15/16 | | | 8.500 | | | | 1,052,345 | | |
| 250 | | | Sonat, Inc., Notes | | (B , B2) | | 07/15/11 | | | 7.625 | | | | 253,750 | | |
| 275 | | | Williams Companies, Inc., Global Senior Unsecured Notes | | (BB- , Ba2) | | 03/15/12 | | | 8.125 | | | | 286,687 | | |
| 100 | | | Williams Companies, Inc., Rule 144A, Notes#‡ | | (BB- , Ba2) | | 10/01/10 | | | 6.990 | | | | 101,750 | | |
| | | | | | | | | | | 2,162,282 | | |
Health Services (7.3%) | | | |
| 100 | | | Alderwoods Group, Inc., Global Company Guaranteed Notes (Callable 09/15/08 @ $103.88) | | (B+ , B2) | | 09/15/12 | | | 7.750 | | | | 106,000 | | |
| 75 | | | DaVita, Inc., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.63) | | (B , B3) | | 03/15/15 | | | 7.250 | | | | 72,375 | | |
| 75 | | | Extendicare Health Services, Inc., Global Senior Subordinated Notes (Callable 05/01/09 @ $103.44) | | (B , B2) | | 05/01/14 | | | 6.875 | | | | 78,750 | | |
| 70 | | | Fisher Scientific International, Inc., Global Senior Subordinated Notes (Callable 08/15/09 @ $103.38) | | (BB+ , Ba2) | | 08/15/14 | | | 6.750 | | | | 70,087 | | |
See Accompanying Notes to Financial Statements.
28
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Health Services | | | |
$ | 100 | | | Genesis Healthcare Corp., Senior Subordinated Notes (Callable 10/15/08 @ $104.00) | | (B , B2) | | 10/15/13 | | | 8.000 | | | $ | 105,125 | | |
| 100 | | | HCA, Inc., Global Bonds | | (BB+ , Ba2) | | 02/15/16 | | | 6.500 | | | | 92,963 | | |
| 400 | | | HCA, Inc., Notes | | (BB+ , Ba2) | | 10/01/12 | | | 6.300 | | | | 378,208 | | |
| 100 | | | Healthsouth Corp., Rule 144A, Senior Notes (Callable 06/15/2011 @ $105.38)‡ | | (CCC+ , B3) | | 06/15/16 | | | 10.750 | | | | 98,500 | | |
| 75 | | | Iasis Healthcare/Capital Corp., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.38) | | (B- , B3) | | 06/15/14 | | | 8.750 | | | | 73,875 | | |
| 75 | | | OMEGA Healthcare Investors, Inc., Global Company Guaranteed Notes (Callable 01/15/11 @ $103.50) | | (BB , Ba3) | | 01/15/16 | | | 7.000 | | | | 71,812 | | |
| 100 | | | Senior Housing Properties Trust, Senior Notes | | (BB+ , Ba2) | | 01/15/12 | | | 8.625 | | | | 106,250 | | |
| 75 | | | Stewart Enterprises, Inc. Global Senior Notes (Callable 02/15/09 @ $103.13) | | (B+ , B1) | | 02/15/13 | | | 6.250 | | | | 68,719 | | |
| 325 | | | Tenet Healthcare Corp., Global Senior Notes | | (B , B3) | | 07/01/14 | | | 9.875 | | | | 326,625 | | |
| 100 | | | Triad Hospitals, Inc., Senior Subordinated Notes (Callable 11/15/08 @ $103.50) | | (B+ , B3) | | 11/15/13 | | | 7.000 | | | | 97,750 | | |
| 75 | | | Triad Hospitals, Inc., Senior Notes (Callable 05/15/08 @ $103.50) | | (BB- , B2) | | 05/15/12 | | | 7.000 | | | | 75,000 | | |
| 100 | | | Universal Hospital Services, Inc., Global Senior Notes (Callable 11/01/07 @ $105.06) | | (B- , B3) | | 11/01/11 | | | 10.125 | | | | 104,500 | | |
| 175 | | | Vanguard Health Holding Co., Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50) | | (CCC+ , Caa1) | | 10/01/14 | | | 9.000 | | | | 175,437 | | |
| 150 | | | Ventas Realty LP, Global Company Guaranteed Notes | | (BB , Ba2) | | 05/01/12 | | | 9.000 | | | | 165,000 | | |
| 50 | | | Ventas Realty LP, Global Senior Notes (Callable 06/01/11 @ $103.25) | | (BB+ , Ba2) | | 06/01/16 | | | 6.500 | | | | 48,188 | | |
| 75 | | | VWR International, Inc., Global Senior Subordinated Notes (Callable 04/15/09 @ $104.00)§ | | (B- , Caa1) | | 04/15/14 | | | 8.000 | | | | 73,219 | | |
| | | | | | | | | | | 2,388,383 | | |
Hotels (0.9%) | | | |
| 50 | | | Felcor Lodging LP, Global Company Guaranteed Notes# | | (B , Ba3) | | 06/01/11 | | | 9.000 | | | | 53,250 | | |
| 250 | | | Host Marriott LP, Rule 144A, Senior Notes (Callable 06/01/11 @ $103.38)‡ | | (BB , Ba2) | | 06/01/16 | | | 6.750 | | | | 239,687 | | |
| | | | | | | | | | | 292,937 | | |
Household & Leisure Products (0.4%) | | | |
| 75 | | | Sealy Mattress Co., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.13)§ | | (B , B2) | | 06/15/14 | | | 8.250 | | | | 75,375 | | |
See Accompanying Notes to Financial Statements.
29
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Household & Leisure Products | | | |
$ | 75 | | | Simmons Bedding Co., Global Senior Subordinated Notes (Callable 01/15/09 @ $103.94)§ | | (B- , Caa1) | | 01/15/14 | | | 7.875 | | | $ | 70,500 | | |
| | | | | | | | | | | 145,875 | | |
Leisure (0.7%) | | | |
| 75 | | | Bally Total Fitness Holding Corp., Global Senior Notes (Callable 07/15/07 @ $105.25)§ | | (CCC- , Caa1) | | 07/15/11 | | | 10.500 | | | | 78,656 | | |
| 150 | | | Six Flags, Inc., Global Senior Notes (Callable 06/01/09 @ $104.81)§ | | (CCC , Caa1) | | 06/01/14 | | | 9.625 | | | | 137,250 | | |
| | | | | | | | | | | 215,906 | | |
Machinery (0.4%) | | | |
| 125 | | | Case New Holland, Inc., Global Company Guaranteed Notes (Callable 08/01/07 @ $104.62) | | (BB- , Ba3) | | 08/01/11 | | | 9.250 | | | | 132,188 | | |
Media — Broadcast (1.7%) | | | |
| 100 | | | Allbritton Communications Co., Global Senior Subordinated Notes (Callable 12/15/07 @ $103.88) | | (B- , B3) | | 12/15/12 | | | 7.750 | | | | 99,500 | | |
| 100 | | | Fisher Communications, Inc., Global Senior Notes (Callable 09/15/09 @ $104.31) | | (B- , B2) | | 09/15/14 | | | 8.625 | | | | 104,000 | | |
| 100 | | | ION Media Networks, Inc., Rule 144A, Secured Notes (Callable 01/15/08 @ $102.00)‡# | | (CCC- , B3) | | 01/15/13 | | | 11.318 | | | | 100,750 | | |
| 75 | | | Nexstar Finance, Inc., Global Senior Subordinated Notes (Callable 01/15/09 @ $103.50)§ | | (CCC+ , B3) | | 01/15/14 | | | 7.000 | | | | 68,625 | | |
| 50 | | | Salem Communications Holding Corp., Series B, Global Company Guaranteed Notes (Callable 07/01/06 @ $104.50) | | (B- , B2) | | 07/01/11 | | | 9.000 | | | | 52,375 | | |
| 75 | | | Sinclair Broadcast Group, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $104.00) | | (B , B2) | | 03/15/12 | | | 8.000 | | | | 76,500 | | |
| 75 | | | Young Broadcasting, Inc., Global Company Guaranteed Notes (Callable 03/01/07 @ $103.33)§ | | (CCC- , Caa2) | | 03/01/11 | | | 10.000 | | | | 67,125 | | |
| | | | | | | | | | | 568,875 | | |
Media — Cable (5.0%) | | | |
| 78 | | | CCH I LLC, Global Secured Notes (Callable 10/01/10 @ $105.50) | | (CCC- , Caa3) | | 10/01/15 | | | 11.000 | | | | 68,640 | | |
| 200 | | | CCO Holdings LLC, Global Senior Notes (Callable 11/15/08 @ $104.38)§ | | (CCC- , B3) | | 11/15/13 | | | 8.750 | | | | 196,000 | | |
| 175 | | | Charter Communications Holdings LLC, Senior Notes (Callable 04/01/07 @ $100.00)§ | | (CCC- , Ca) | | 04/01/09 | | | 8.625 | | | | 135,625 | | |
| 250 | | | Charter Communications Holdings LLC, Senior Notes (Callable 09/15/08 @ $105.12) | | (CCC- , Caa1) | | 09/15/10 | | | 10.250 | | | | 251,875 | | |
| 175 | | | CSC Holdings, Inc., Rule 144A, Senior Notes‡# | | (B+ , B2) | | 04/15/12 | | | 7.250 | | | | 169,750 | | |
See Accompanying Notes to Financial Statements.
30
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Media — Cable | | | |
$ | 210 | | | CSC Holdings, Inc., Series B, Senior Notes | | (B+ , B2) | | 04/01/11 | | | 7.625 | | | $ | 211,050 | | |
| 250 | | | EchoStar DBS Corp., Global Company Guaranteed Notes | | (BB- , Ba3) | | 10/01/14 | | | 6.625 | | | | 235,625 | | |
| 75 | | | GCI, Inc., Global Senior Notes (Callable 02/15/09 @ $103.63) | | (B+ , B2) | | 02/15/14 | | | 7.250 | | | | 72,750 | | |
| 100 | | | Insight Midwest/Insight Capital Corp., Senior Notes (Callable 10/01/06 @ $101.63) | | (B , B2) | | 10/01/09 | | | 9.750 | | | | 102,250 | | |
| 100 | | | Mediacom Broadband LLC/CRP, Global Senior Notes (Callable 10/15/10 @ $104.25) | | (B , B2) | | 10/15/15 | | | 8.500 | | | | 96,500 | | |
| 75 | | | Mediacom LLC Capital Corp., Senior Notes (Callable 02/15/07 @ $101.97) | | (B , B3) | | 02/15/11 | | | 7.875 | | | | 71,625 | | |
| | | | | | | | | | | 1,611,690 | | |
Media — Services (0.2%) | | | |
| 100 | | | WMG Holdings Corp., Global Senior Discount Notes (Callable 12/15/09 @ $104.75)+ | | (B- , B3) | | 12/15/14 | | | 0.000 | | | | 72,500 | | |
Metal & Mining — Excluding Steel (0.4%) | | | |
| 125 | | | Southern Copper Corp., Global Senior Notes | | (BBB- , Baa2) | | 07/27/15 | | | 6.375 | | | | 120,128 | | |
Non-Food & Drug Retailers (3.1%) | | | |
| 100 | | | Affinity Group, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) | | (CCC+ , B3) | | 02/15/12 | | | 9.000 | | | | 100,000 | | |
| 75 | | | Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 06/15/07 @ $104.50) | | (B , B3) | | 06/15/12 | | | 9.000 | | | | 74,625 | | |
| 70 | | | Brookstone Company, Inc., Rule 144A, Secured Notes (Callable 10/15/09 @ $106.00)‡§ | | (B , B3) | | 10/15/12 | | | 12.000 | | | | 61,950 | | |
| 75 | | | CSK Auto, Inc., Global Company Guaranteed Notes (Callable 01/15/09 @ $103.50) | | (B- , B3) | | 01/15/14 | | | 7.000 | | | | 75,094 | | |
| 100 | | | Finlay Fine Jewelry Corp., Global Senior Notes (Callable 06/01/08 @ $104.19)§ | | (B- , B3) | | 06/01/12 | | | 8.375 | | | | 87,500 | | |
| 370 | | | Flooring America, Inc., Series B, Company Guaranteed Notes (Callable 09/07/06 @ $100.00)ø^ | | (NR , NR) | | 10/15/07 | | | 9.250 | | | | 0 | | |
| 50 | | | General Nutrition Center, Global Senior Subordinated Notes (Callable 12/01/07 @ $104.25) | | (CCC+ , Caa1) | | 12/01/10 | | | 8.500 | | | | 48,625 | | |
| 100 | | | GSC Holdings Corp., Global Company Guaranteed Notes (Callable 10/01/09 @ $104.00)§ | | (B+ , Ba3) | | 10/01/12 | | | 8.000 | | | | 100,500 | | |
| 200 | | | National Wine & Spirits, Inc., Company Guaranteed Notes (Callable 01/15/07 @ $100.00) | | (CCC+ , B3) | | 01/15/09 | | | 10.125 | | | | 201,000 | | |
| 100 | | | Neiman Marcus Group, Inc., Rule 144A, Senior Subordinated Notes (Callable 10/15/10 @ $105.19)‡§ | | (B- , B3) | | 10/15/15 | | | 10.375 | | | | 106,750 | | |
| 75 | | | Rent-Way, Inc., Global Secured Notes | | (B- , B3) | | 06/15/10 | | | 11.875 | | | | 77,531 | | |
See Accompanying Notes to Financial Statements.
31
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Non-Food & Drug Retailers | | | |
$ | 75 | | | Stripes Acquisition LLC, Rule 144A, Senior Notes (Callable 12/15/09 @ $105.31)‡ | | (B , B2) | | 12/15/13 | | | 10.625 | | | $ | 79,500 | | |
| | | | | | | | | | | 1,013,075 | | |
Office Equipment (0.6%) | | | |
| 200 | | | Xerox Corp., Senior Notes (Callable 06/15/08 @ $103.81)§ | | (BB+ , Ba2) | | 06/15/13 | | | 7.625 | | | | 202,500 | | |
Oil Field Equipment & Services (0.3%) | | | |
| 100 | | | Pride International, Inc., Global Senior Notes (Callable 07/15/09 @ $103.69) | | (BB- , Ba2) | | 07/15/14 | | | 7.375 | | | | 101,000 | | |
Oil Refining & Marketing (1.0%) | | | |
| 100 | | | Frontier Oil Corp., Global Senior Notes (Callable 10/01/07 @ $103.31) | | (B+ , B1) | | 10/01/11 | | | 6.625 | | | | 96,250 | | |
| 150 | | | Giant Industries, Inc., Company Guaranteed Notes (Callable 05/15/09 @ $104.00)§ | | (B- , B3) | | 05/15/14 | | | 8.000 | | | | 148,875 | | |
| 65 | | | Giant Industries, Inc., Global Company Guaranteed Notes (Callable 05/15/07 @ $105.50) | | (B- , B3) | | 05/15/12 | | | 11.000 | | | | 70,850 | | |
| | | | | | | | | | | 315,975 | | |
Packaging (2.4%) | | | |
| 75 | | | Ball Corp., Company Guaranteed Notes (Callable 03/15/11 @ $103.31) | | (BB , Ba2) | | 03/15/18 | | | 6.625 | | | | 70,125 | | |
| 75 | | | Berry Plastics Corp., Global Company Guaranteed Notes (Callable 07/15/07 @ $105.38) | | (B- , B3) | | 07/15/12 | | | 10.750 | | | | 81,563 | | |
| 100 | | | Constar International, Inc., Senior Subordinated Notes (Callable 12/01/07 @ $105.50)§ | | (CCC , Caa3) | | 12/01/12 | | | 11.000 | | | | 75,500 | | |
| 75 | | | Covalence Specialty Materials Corp., Rule 144A, Senior Subordinated Notes (Callable 03/01/11 @ $105.13)‡ | | (CCC+ , B3) | | 03/01/16 | | | 10.250 | | | | 72,375 | | |
| 70 | | | Crown Americas, Rule 144A, Senior Notes (Callable 11/15/10 @ $103.88)‡ | | (B , B1) | | 11/15/15 | | | 7.750 | | | | 69,300 | | |
| 150 | | | Graham Packaging Company, Inc., Global Subordinated Notes (Callable 10/15/09 @ $104.94)§ | | (CCC+ , Caa2) | | 10/15/14 | | | 9.875 | | | | 149,250 | | |
| 25 | | | Intertape Polymer US, Inc., Global Senior Subordinated Notes (Callable 08/01/09 @ $104.25) | | (B- , B3) | | 08/01/14 | | | 8.500 | | | | 23,125 | | |
| 100 | | | Owens-Brockway Glass Containers, Inc., Rule 144A, Senior Notes (Callable 05/15/08 @ $104.13)‡ | | (B , B2) | | 05/15/13 | | | 8.250 | | | | 100,750 | | |
| 50 | | | Plastipak Holdings, Inc., Rule 144A, Senior Notes (Callable 12/15/10 @ $104.25)‡ | | (B , B2) | | 12/15/15 | | | 8.500 | | | | 50,250 | | |
| 0 | | | Pliant Corp., Global Secured Notes (Callable 06/15/07 @ $111.62)ø1 | | (NR , NR) | | 06/15/09 | | | 11.625 | | | | 112 | | |
| 100 | | | Solo Cup Co., Global Senior Subordinated Notes (Callable 02/15/09 @ $104.25)§ | | (B- , Caa1) | | 02/15/14 | | | 8.500 | | | | 87,000 | | |
| | | | | | | | | | | 779,350 | | |
See Accompanying Notes to Financial Statements.
32
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Pharmaceuticals (0.2%) | | | |
$ | 75 | | | Athena Neurosciences Finance LLC, Company Guaranteed Notes§ | | (B , B3) | | 02/21/08 | | | 7.250 | | | $ | 74,813 | | |
Printing & Publishing (3.0%) | | | |
| 75 | | | American Media Operations, Inc., Series B, Global Company Guaranteed Notes (Callable 05/01/07 @ $100.00) | | (CCC , Caa1) | | 05/01/09 | | | 10.250 | | | | 70,312 | | |
| 75 | | | CBD Media Holdings/Finance, Global Senior Notes (Callable 07/15/08 @ $104.63) | | (CCC+ , Caa2) | | 07/15/12 | | | 9.250 | | | | 75,000 | | |
| 75 | | | Cenveo Corp., Global Senior Subordinated Notes (Callable 12/01/08 @ $103.94) | | (B- , B3) | | 12/01/13 | | | 7.875 | | | | 73,500 | | |
| 200 | | | Dex Media, Inc., Global Notes (Callable 11/15/08 @ $104.00) | | (B , B3) | | 11/15/13 | | | 8.000 | | | | 202,000 | | |
| 75 | | | Houghton Mifflin Co., Global Senior Discount Notes (Callable 10/15/08 @ $105.75)+ | | (CCC+ , Caa2) | | 10/15/13 | | | 0.000 | | | | 62,250 | | |
| 100 | | | Houghton Mifflin Co., Global Senior Subordinated Notes (Callable 02/01/08 @ $104.94)§ | | (CCC+ , Caa1) | | 02/01/13 | | | 9.875 | | | | 104,250 | | |
| 500 | | | Premier Graphics, Inc., Company Guaranteed Notes^ø | | (NR , NR) | | 12/01/05 | | | 11.500 | | | | 0 | | |
| 275 | | | R.H. Donnelley Corp., Rule 144A, Senior Discount Notes (Callable 01/15/09 @ $103.44)‡ | | (B , Caa1) | | 01/15/13 | | | 6.875 | | | | 254,375 | | |
| 50 | | | R.H. Donnelley Corp., Rule 144A, Senior Notes (Callable 01/15/11 @ $104.44)‡ | | (B , Caa1) | | 01/15/16 | | | 8.875 | | | | 50,688 | | |
| 75 | | | Vertis, Inc., Series B, Global Company Guaranteed Notes (Callable 06/15/07 @ $102.72)§ | | (CCC , Caa2) | | 06/15/09 | | | 10.875 | | | | 74,250 | | |
| | | | | | | | | | | 966,625 | | |
Restaurants (0.6%) | | | |
| 215 | | | AmeriKing, Inc., Senior Notesø | | (NR , NR) | | 11/15/07 | | | 10.750 | | | | 0 | | |
| 29 | | | AmeriKing, Inc., Senior Notesø | | (NR , NR) | | 05/15/08 | | | 13.000 | | | | 0 | | |
| 200 | | | AmeriKing, Inc., Unitsø | | (NR , NR) | | 05/15/08 | | | 13.000 | | | | 0 | | |
| 50 | | | Buffets, Inc., Global Senior Subordinated Notes (Callable 07/15/06 @ $105.62) | | (CCC , B3) | | 07/15/10 | | | 11.250 | | | | 51,937 | | |
| 50 | | | Denny's Corp., Global Company Guaranteed Notes (Callable 10/01/08 @ $105.00)§ | | (CCC+ , Caa1) | | 10/01/12 | | | 10.000 | | | | 50,000 | | |
| 100 | | | Sbarro, Inc., Company Guaranteed Notes (Callable 09/15/06 @ $101.83)§ | | (CCC+ , Caa2) | | 09/15/09 | | | 11.000 | | | | 102,375 | | |
| | | | | | | | | | | 204,312 | | |
Software/Services (1.1%) | | | |
| 75 | | | SunGard Data Systems, Inc., Rule 144A, Senior Subordinated Notes (Callable 08/15/10 @ $105.13)‡ | | (B- , Caa1) | | 08/15/15 | | | 10.250 | | | | 77,906 | | |
| 145 | | | SunGard Data Systems, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/15/09 @ $104.56)‡ | | (B- , B3) | | 08/15/13 | | | 9.125 | | | | 151,163 | | |
See Accompanying Notes to Financial Statements.
33
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Software/Services | | | |
$ | 140 | | | UGS Capital Corp. II, Rule 144A, Senior Notes (Callable 12/01/06 @ $100.00)‡# | | (B- , Caa1) | | 06/01/11 | | | 10.380 | | | $ | 139,300 | | |
| | | | | | | | | | | 368,369 | | |
Steel Producers/Products (1.0%) | | | |
| 100 | | | AK Steel Corp., Global Company Guaranteed Notes (Callable 06/15/07 @ $103.88)§ | | (B+ , B1) | | 06/15/12 | | | 7.750 | | | | 98,500 | | |
| 75 | | | Edgen Acquisition Corp., Global Secured Notes (Callable 02/01/08 @ $104.94)§ | | (B- , B3) | | 02/01/11 | | | 9.875 | | | | 73,500 | | |
| 75 | | | International Steel Group, Inc., Global Senior Notes | | (BBB- , Ba1) | | 04/15/14 | | | 6.500 | | | | 71,250 | | |
| 75 | | | Rathgibson, Inc., Rule 144A, Senior Notes (Callable 02/15/10 @ $105.62)‡ | | (B- , B2) | | 02/15/14 | | | 11.250 | | | | 77,625 | | |
| | | | | | | | | | | 320,875 | | |
Support-Services (3.4%) | | | |
| 50 | | | Avis Budget Car Rental, Rule 144A, Senior Notes (Callable 05/15/08 @ $103.00)‡# | | (BB- , Ba3) | | 05/15/14 | | | 7.576 | | | | 50,125 | | |
| 50 | | | Avis Budget Car Rental, Rule 144A, Senior Notes (Callable 05/15/10 @ $103.81)‡ | | (BB- , Ba3) | | 05/15/14 | | | 7.625 | | | | 48,750 | | |
| 75 | | | Corrections Corp. of America, Company Guaranteed Notes (Callable 01/31/10 @ 103.38) | | (BB- , Ba3) | | 01/31/14 | | | 6.750 | | | | 72,375 | | |
| 50 | | | Education Management LLC, Rule 144A, Senior Notes (Callable 06/01/10 @ $104.38)‡ | | (CCC+ , B3) | | 06/01/14 | | | 8.750 | | | | 49,750 | | |
| 50 | | | Education Management LLC, Rule 144A, Senior Subordinated Notes (Callable 06/01/11 @ $105.13)‡ | | (CCC+ , Caa1) | | 06/01/16 | | | 10.250 | | | | 50,000 | | |
| 100 | | | Hertz Corp., Rule 144A, Senior Notes (Callable 01/01/10 @ $104.44)‡ | | (B , B1) | | 01/01/14 | | | 8.875 | | | | 103,000 | | |
| 150 | | | HydroChem Industrial Services, Inc., Rule 144A, Senior Subordinated Notes (Callable 02/15/09 @ $104.63)‡ | | (CCC+ , Caa1) | | 02/15/13 | | | 9.250 | | | | 145,500 | | |
| 75 | | | Iron Mountain, Inc., Company Guaranteed Notes (Callable 07/01/08 @ $103.31) | | (B , Caa1) | | 01/01/16 | | | 6.625 | | | | 67,875 | | |
| 100 | | | Johnsondiversey Holdings, Inc., Global Discount Notes (Callable 05/15/07 @ $105.34)+ | | (CCC+ , Caa1) | | 05/15/13 | | | 0.000 | | | | 85,500 | | |
| 100 | | | Johnsondiversey, Inc., Series B, Global Company Guaranteed Notes (Callable 05/15/07 @ $104.81)§ | | (CCC+ , Caa1) | | 05/15/12 | | | 9.625 | | | | 100,000 | | |
| 100 | | | Rural/Metro Corp., Global Company Guaranteed Notes (Callable 03/15/10 @ $104.94) | | (CCC+ , B3) | | 03/15/15 | | | 9.875 | | | | 103,875 | | |
| 105 | | | United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 02/15/08 @ $103.25) | | (B+ , B3) | | 02/15/12 | | | 6.500 | | | | 99,750 | | |
See Accompanying Notes to Financial Statements.
34
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Support-Services | | | |
$ | 50 | | | United Rentals North America, Inc., Global Senior Subordinated Notes (Callable 02/15/09 @ $103.50)§ | | (B , Caa1) | | 02/15/14 | | | 7.000 | | | $ | 45,938 | | |
| 75 | | | Williams Scotsman, Inc., Global Company Guaranteed Notes (Callable 10/01/10 @ $104.25) | | (B+ , B3) | | 10/01/15 | | | 8.500 | | | | 74,437 | | |
| | | | | | | | | | | 1,096,875 | | |
Telecom — Fixed Line (0.4%) | | | |
| 50 | | | Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 10/15/07 @ $105.38) | | (CCC- , B3) | | 10/15/11 | | | 10.750 | | | | 51,625 | | |
| 75 | | | Time Warner Telecom Holdings, Inc., Global Company Guaranteed Notes (Callable 02/15/09 @ $104.62) | | (CCC+ , B3) | | 02/15/14 | | | 9.250 | | | | 77,250 | | |
| | | | | | | | | | | 128,875 | | |
Telecom — Integrated/Services (4.1%) | | | |
| 125 | | | Cincinnati Bell, Inc., Global Senior Subordinated Notes (Callable 01/15/09 @ $104.19)§ | | (B- , B3) | | 01/15/14 | | | 8.375 | | | | 123,750 | | |
| 200 | | | Citizens Communications Co., Senior Notes | | (BB+ , Ba3) | | 01/15/13 | | | 6.250 | | | | 190,000 | | |
| 75 | | | Embarq Corp., Notes | | (BBB- , Baa3) | | 06/01/16 | | | 7.082 | | | | 74,719 | | |
| 25 | | | Hawaiian Telcom Communications, Inc., Global Company Guaranteed Notes (Callable 05/01/09 @ $104.88)§ | | (CCC+ , B3) | | 05/01/13 | | | 9.750 | | | | 25,563 | | |
| 50 | | | Hawaiian Telcom Communications, Inc., Series B, Global Company Guaranteed Notes (Callable 05/01/10 @ $106.25)§ | | (CCC+ , Caa1) | | 05/01/15 | | | 12.500 | | | | 52,625 | | |
| 75 | | | Hughes Network Systems LLC, Rule 144A, Senior Notes (Callable 04/15/10 @ $104.75)‡ | | (B- , B1) | | 04/15/14 | | | 9.500 | | | | 73,875 | | |
| 50 | | | LCI International, Inc., Senior Notes | | (NR , NR) | | 06/15/07 | | | 7.250 | | | | 50,125 | | |
| 166 | | | PanAmSat Corp., Global Company Guaranteed Notes (Callable 08/15/09 @ $104.50) | | (B , B2) | | 08/15/14 | | | 9.000 | | | | 169,320 | | |
| 150 | | | Qwest Communications International, Inc., Global Company Guaranteed Notes (Callable 02/15/08 @ $103.63)# | | (B , B2) | | 02/15/11 | | | 7.250 | | | | 146,250 | | |
| 75 | | | Qwest Communications International, Inc., Series B, Global Company Guaranteed Notes (Callable 02/15/09 @ $103.75) | | (B , B2) | | 02/15/14 | | | 7.500 | | | | 73,500 | | |
| 240 | | | Qwest Corp., Global Senior Notes | | (BB , Ba3) | | 06/15/15 | | | 7.625 | | | | 238,200 | | |
| 50 | | | Windstream Corp., Rule 144A, Senior Notes‡ | | (BB- , Ba3) | | 08/01/13 | | | 8.125 | | | | 51,250 | | |
| 50 | | | Windstream Corp., Rule 144A, Senior Notes (Callable 08/01/11 @ $104.31)‡ | | (BB- , Ba3) | | 08/01/16 | | | 8.625 | | | | 51,375 | | |
| | | | | | | | | | | 1,320,552 | | |
See Accompanying Notes to Financial Statements.
35
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
CORPORATE BONDS | | | |
Telecom — Wireless (1.8%) | | | |
$ | 75 | | | Centennial Cellular Communications Corp., Global Company Guaranteed Notes (Callable 06/15/08 @ $105.06) | | (CCC , B3) | | 06/15/13 | | | 10.125 | | | $ | 79,312 | | |
| 25 | | | Centennial Communications Corp., Global Senior Notes (Callable 01/01/09 @ $107.50)§ | | (CCC , Caa2) | | 01/01/13 | | | 10.000 | | | | 24,875 | | |
| 75 | | | Dobson Cellular Systems, Inc., Global Secured Notes (Callable 11/01/08 @ $104.94) | | (CCC , B2) | | 11/01/12 | | | 9.875 | | | | 79,500 | | |
| 50 | | | Dobson Communications Corp., Global Senior Notes (Callable 10/01/08 @ $104.44)§ | | (CCC , Caa2) | | 10/01/13 | | | 8.875 | | | | 49,375 | | |
| 100 | | | iPCS, Inc., Global Senior Notes (Callable 05/01/08 @ $105.75) | | (B- , B3) | | 05/01/12 | | | 11.500 | | | | 112,000 | | |
| 50 | | | Nextel Communications, Inc., Series D, Senior Notes (Callable 08/01/08 @ $103.69) | | (A- , Baa2) | | 08/01/15 | | | 7.375 | | | | 50,928 | | |
| 50 | | | Rural Cellular Corp., Global Senior Notes (Callable 08/01/07 @ $104.94) | | (CCC , Caa1) | | 02/01/10 | | | 9.875 | | | | 51,688 | | |
| 75 | | | Rural Cellular Corp., Rule 144A, Senior Subordinated Notes (Callable 11/01/07 @ $102.00)‡#§ | | (CCC , Caa2) | | 11/01/12 | | | 10.899 | | | | 77,344 | | |
| 50 | | | Triton PCS, Inc., Global Company Guaranteed Notes (Callable 06/01/08 @ $104.25) | | (CCC- , Caa2) | | 06/01/13 | | | 8.500 | | | | 46,125 | | |
| | | | | | | | | | | 571,147 | | |
Textiles & Apparel (0.5%) | | | |
| 100 | | | Levi Strauss & Co., Global Senior Notes (Callable 12/15/07 @ $106.12) | | (B- , B3) | | 12/15/12 | | | 12.250 | | | | 111,000 | | |
| 50 | | | Phillips-Van Heusen Corp., Global Senior Notes (Callable 02/15/08 @ $103.62) | | (BB , B1) | | 02/15/11 | | | 7.250 | | | | 49,750 | | |
| | | | | | | | | | | 160,750 | | |
Theaters & Entertainment (0.5%) | | | |
| 72 | | | AMC Entertainment, Inc., Senior Subordinated Notes (Callable 02/01/07 @ $100.00)§ | | (CCC+ , B3) | | 02/01/11 | | | 9.500 | | | | 71,100 | | |
| 75 | | | Cinemark USA, Inc., Global Senior Subordinated Notes (Callable 02/01/08 @ $104.50) | | (B- , B3) | | 02/01/13 | | | 9.000 | | | | 79,125 | | |
| | | | | | | | | | | 150,225 | | |
Tobacco (0.2%) | | | |
| 75 | | | Reynolds American, Inc., Rule 144A, Secured Notes‡ | | (BB , Ba2) | | 06/01/13 | | | 7.250 | | | | 73,688 | | |
Transportation — Excluding Air/Rail (0.6%) | | | |
| 97 | | | American Commercial Lines, Global Company Guaranteed Notes (Callable 02/15/10 @ $104.75) | | (B+ , B3) | | 02/15/15 | | | 9.500 | | | | 106,700 | | |
| 100 | | | Overseas Shipholding Group, Inc., Global Senior Notes (Callable 03/15/08 @ $104.12) | | (BB+ , Ba1) | | 03/15/13 | | | 8.250 | | | | 104,250 | | |
| | | | | | | | | | | 210,950 | | |
| TOTAL CORPORATE BONDS (Cost $27,808,288) | | | | | | | | | | | | | | 26,719,786 | | |
See Accompanying Notes to Financial Statements.
36
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
ASSET BACKED SECURITY (0.2%) | | | |
$ | 75 | | | Park Place Securities, Inc., Rule 144A, Series 2004-WCW2, Class M10‡# (Cost $68,079) | | (BB+ , Ba1) | | 10/25/34 | | | 8.073 | | | $ | 70,184 | | |
MORTGAGE BACKED SECURITY (0.2%) | | | |
| 75 | | | Bank of America Large Loan, Inc., Rule 144A, Series 2006, Class M#‡ (Cost $75,000) | | (BB , Ba2) | | 02/09/21 | | | 6.800 | | | | 75,236 | | |
FOREIGN BONDS (9.2%) | | | |
Building Products (0.4%) | | | |
| 100 | | | Maax Holdings, Inc., Global Senior Discount Notes (Callable 12/15/08 @ $105.63) (Canada)+§# | | (CCC- , Caa3) | | 12/15/12 | | | 0.000 | | | | 39,500 | | |
| 100 | | | Maax Holdings, Inc., Global Senior Subordinated Notes (Callable 06/15/08 @ $104.88) (Canada)§ | | (CCC- , Caa1) | | 06/15/12 | | | 9.750 | | | | 82,125 | | |
| | | | | | | | | | | 121,625 | | |
Chemicals (0.7%) | | | |
| 75 | | | Basell AF SCA, Rule 144A, Company Guaranteed Notes (Callable 08/15/10 @104.19) (Luxembourg)‡§ | | (B- , B2) | | 08/15/15 | | | 8.375 | | | | 72,469 | | |
| 100 | | | Ineos Group Holdings PLC, Rule 144A, Notes (Callable 02/15/11 @ $104.25) (United Kingdom)‡ | | (B- , B2) | | 02/15/16 | | | 8.500 | | | | 94,125 | | |
| 58 | | | Rhodia SA, Global Senior Notes (France)‡§ | | (B- , B3) | | 06/01/10 | | | 10.250 | | | | 62,205 | | |
| | | | | | | | | | | 228,799 | | |
Diversified Capital Goods (0.2%) | | | |
| 50 | | | Sensata Technologies BV, Rule 144A, Senior Subordinated Notes (Callable 05/01/11 @ $104.50) (Netherlands)‡ | | (B- , Caa1) | | 05/01/16 | | | 9.000 | | | | 64,757 | | |
Electronics (0.4%) | | | |
| 25 | | | Avago Technologies Finance, Rule 144A, Senior Subordinated Notes (Callable 12/01/10 @ $105.94) (Singapore)‡§ | | (CCC+ , Caa2) | | 12/01/15 | | | 11.875 | | | | 27,313 | | |
| 100 | | | Celestica, Inc., Senior Subordinated Notes (Callable 07/01/08 @ $103.94) (Canada)§ | | (B , B2) | | 07/01/11 | | | 7.875 | | | | 98,750 | | |
| | | | | | | | | | | 126,063 | | |
Electronics (0.3%) | | | |
| 90 | | | STATS ChipPAC, Ltd., Global Company Guaranteed Notes (Callable 11/15/08 @ $103.38) (Singapore) | | (BB , Ba2) | | 11/15/11 | | | 6.750 | | | | 84,375 | | |
Energy — Exploration & Production (0.3%) | | | |
| 100 | | | Harvest Operations Corp., Global Senior Notes (Callable 10/15/08 @ $103.94) (Canada) | | (B- , B3) | | 10/15/11 | | | 7.875 | | | | 95,500 | | |
Food & Drug Retailers (0.4%) | | | |
| 125 | | | Jean Coutu Group PJC, Inc., Global Senior Subordinated Notes (Callable 08/01/09 @ $104.25) (Canada)§ | | (B- , Caa2) | | 08/01/14 | | | 8.500 | | | | 115,625 | | |
Forestry/Paper (1.0%) | | | |
| 150 | | | Abitibi-Consolidated, Inc., Global Notes (Canada) | | (B+ , B1) | | 06/15/11 | | | 7.750 | | | | 138,375 | | |
See Accompanying Notes to Financial Statements.
37
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
FOREIGN BONDS | | | |
Forestry/Paper | | | |
$ | 50 | | | Bowater Canada Finance Corp., Global Company Guaranteed Notes (Canada)§ | | (B+ , B1) | | 11/15/11 | | | 7.950 | | | $ | 47,750 | | |
| 100 | | | JSG Funding PLC, Global Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland) | | (B- , Caa1) | | 04/01/15 | | | 7.750 | | | | 91,000 | | |
| 75 | | | Tembec Industries, Inc., Global Company Guaranteed Notes (Canada)§ | | (CCC- , Ca) | | 03/15/12 | | | 7.750 | | | | 38,625 | | |
| | | | | | | | | | | 315,750 | | |
Gaming (0.3%) | | | |
| 100 | | | Kerzner International, Ltd., Global Senior Subordinated Notes (Callable 10/01/10 @ $103.38) (Bahamas) | | (B , B2) | | 10/01/15 | | | 6.750 | | | | 104,875 | | |
Leisure (0.5%) | | | |
| 100 | | | Intrawest Corp., Global Senior Notes (Callable 10/15/08 @ $103.75) (Canada) | | (B+ , B1) | | 10/15/13 | | | 7.500 | | | | 100,000 | | |
| 75 | | | NCL Corp., Global Senior Notes (Callable 07/15/09 @ $105.31) (Bermuda)# | | (B+ , B2) | | 07/15/14 | | | 10.625 | | | | 74,062 | | |
| | | | | | | | | | | 174,062 | | |
Media — Cable (1.0%) | | | |
| 75 | | | Kabel Deutschland GmbH, Rule 144A, Senior Notes (Callable 07/01/09 @ $105.31) (Germany)‡ | | (B- , B2) | | 07/01/14 | | | 10.625 | | | | 79,500 | | |
| 100 | | | Ono Finance PLC, Rule 144A, Company Guaranteed Notes (Callable 05/15/09 @ $105.25) (United Kingdom)‡ | | (CCC+ , B3) | | 05/15/14 | | | 10.500 | | | | 135,856 | | |
| 100 | | | Unity Media GmbH, Rule 144A, Senior Notes (Callable 02/15/10 @ $105.06) (Germany)‡ | | (CCC+ , Caa2) | | 02/15/15 | | | 10.125 | | | | 123,390 | | |
| | | | | | | | | | | 338,746 | | |
Media — Diversified (0.3%) | | | |
| 100 | | | Quebecor Media, Inc., Rule 144A, Senior Notes (Callable 3/15/11 @ $103.88) (Canada)‡ | | (B , B2) | | 03/15/16 | | | 7.750 | | | | 98,500 | | |
Metal & Mining — Excluding Steel (0.0%) | | | |
| 504 | | | International Utility Structures, Inc., Subordinated Notes (Callable 08/11/06 @ $100.00) (Canada)^ø | | (NR , NR) | | 02/01/08 | | | 13.000 | | | | 0 | | |
Packaging (0.4%) | | | |
| 100 | | | Gerresheimer Holdings GmbH, Rule 144A, Company Guaranteed Notes (Callable 02/15/10 @ $103.94) (Germany)‡ | | (B- , Caa1) | | 03/01/15 | | | 7.875 | | | | 126,586 | | |
Pharmaceuticals (0.3%) | | | |
| 82 | | | Biovail Corp., Yankee Senior Subordinated Notes (Callable 04/01/07 @ $101.97) (Canada)§ | | (BB- , B2) | | 04/01/10 | | | 7.875 | | | | 83,435 | | |
| 25 | | | Elan Finance PLC, Global Company Guaranteed Notes (Callable 11/15/08 @ $103.88) (Ireland) | | (B , B3) | | 11/15/11 | | | 7.750 | | | | 24,000 | | |
| | | | | | | | | | | 107,435 | | |
Support-Services (0.2%) | | | |
| 75 | | | Ashtead Holdings PLC, Rule 144A, Secured Notes (Callable 08/01/10 @ $104.31) (United Kingdom)‡ | | (B , B2) | | 08/01/15 | | | 8.625 | | | | 76,125 | | |
See Accompanying Notes to Financial Statements.
38
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
FOREIGN BONDS | | | |
Telecom — Integrated/Services (1.3%) | | | |
$ | 100 | | | Hellas Telecom V, Rule 144A Secured Notes (Callable 10/15/06 @ $102.00) (Luxembourg)‡# | | (B , B1) | | 10/15/12 | | | 6.264 | | | $ | 131,541 | | |
| 50 | | | Intelsat, Ltd., Global Senior Notes (Callable 01/15/09 @ $104.13) (Bermuda)# | | (B+ , B2) | | 01/15/13 | | | 8.250 | | | | 49,875 | | |
| 125 | | | Intelsat, Ltd., Rule 144A, Senior Notes (Callable 06/15/11 @ $105.62) (Bermuda)‡ | | (B , Caa1) | | 06/15/16 | | | 11.250 | | | | 128,750 | | |
| 75 | | | Nordic Telephone Co. Holdings, Rule 144A, Notes (Callable 05/01/07 @ $102.00) (Denmark)#‡ | | (B , B2) | | 05/01/16 | | | 8.352 | | | | 99,975 | | |
| | | | | | | | | | | 410,141 | | |
Telecom — Wireless (0.3%) | | | |
| 100 | | | Rogers Wireless Communications, Inc., Global Secured Notes (Canada) | | (BB , Ba2) | | 12/15/12 | | | 7.250 | | | | 101,250 | | |
Telecommunication Equipment (0.2%) | | | |
| 50 | | | Nortel Networks, Ltd., Rule 144A, Company Guaranteed Notes (Canada)#‡ | | (B- , B3) | | 07/15/11 | | | 9.758 | | | | 51,125 | | |
Textiles & Apparel (0.3%) | | | |
| 75 | | | IT Holding Finance SA, Rule 144A, Senior Notes (Luxembourg)‡ | | (CCC+ , Caa1) | | 11/15/12 | | | 9.875 | | | | 86,788 | | |
Transportation — Excluding Air/Rail (0.4%) | | | |
| 150 | | | Ship Finance International, Ltd., Global Senior Notes (Callable 12/15/08 @ $104.25) (Bermuda) | | (B , B1) | | 12/15/13 | | | 8.500 | | | | 143,250 | | |
| TOTAL FOREIGN BONDS (Cost $3,559,963) | | | | | | | | | | | | | | 2,971,377 | | |
CONVERTIBLE BOND (0.7%) | | | |
Telecom — Fixed Line (0.7%) | | | |
| 250 | | | Level 3 Communications, Inc.§ (Cost $206,820) | | (CCC- , Ca) | | 03/15/10 | | | 6.000 | | | | 208,438 | | |
Number of Shares | |
| |
| |
| |
| | | |
COMMON STOCKS (0.7%) | | | |
Automobile Parts & Equipment (0.0%) | | | |
| 413,097 | | | Cambridge Industries Liquidating Trust*^ | | | | | | | | | | | 0 | | |
| 8,710 | | | Safelite Glass Corp., Class B*^ | | | | | | | | | | | 7,403 | | |
| 588 | | | Safelite Realty Corp.*^ | | | | | | | | | | | 4,704 | | |
| | | | | | | | | | | 12,107 | | |
Electric — Integrated (0.5%) | | | |
| 5,886 | | | Mirant Corp.* | | | | | | | | | | | 157,745 | | |
Food — Wholesale (0.2%) | | | |
| 70 | | | Crunch Equity Holding LLC, Class A* | | | | | | | | | | | 66,772 | | |
Healthcare Services (0.0%) | | | |
| 1 | | | Magellan Health Services, Inc.* | | | | | | | | | | | 45 | | |
| TOTAL COMMON STOCKS (Cost $593,238) | | | | | | | | | | | | | | 236,669 | | |
PREFERRED STOCK (0.0%) | | | |
Media — Broadcast (0.0%) | | | |
| 0 | | | ION Media Networks, Inc.* (Cost $1,073) | | | | | | | | | | | 1,178 | | |
See Accompanying Notes to Financial Statements.
39
Credit Suisse Global High Yield Fund
Schedule of Investments (continued)
June 30, 2006 (unaudited)
Number of Shares | | | | | | Maturity | | Rate% | | Value | |
WARRANTS (0.0%) | | | |
Aerospace & Defense (0.0%) | | | |
| 2,960 | | | Loral Space & Communications, Ltd., strike price $2.37 expires 12/27/06*^ | | | | | | | | $ | 0 | | |
Automobile Parts & Equipment (0.0%) | | | |
| 21,345 | | | Safelite Glass Corp., Class A, strike price $6.50 expires 09/29/06*^ | | | | | | | | | 0 | | |
| 14,230 | | | Safelite Glass Corp., Class B, strike price $6.50 expires 09/29/07*^ | | | | | | | | | 0 | | |
| | | | | | | | | 0 | | |
Chemicals (0.0%) | | | |
| 544 | | | AGY Holding Corp., strike price $0.01 expires 01/02/10*^ | | | | | | | | | 6 | | |
Telecom — Wireless (0.0%) | | | |
| 500 | | | iPCS, Inc., Rule 144A, strike price $5.50 expires 07/15/10*‡ | | | | | | | | | 0 | | |
| TOTAL WARRANTS (Cost $3,447) | | | | | | | | | | | | 6 | | |
SHORT-TERM INVESTMENTS (28.3%) | | | |
| 5,939,660 | | | State Street Navigator Prime Portfolio§§ | | | | | | | | | 5,939,660 | | |
Par (000) | |
| |
| |
| |
| |
| |
$ | 3,258 | | | State Street Bank and Trust Co. Euro Time Deposit | | | | 07/03/06 | | | 4.100 | | | | 3,258,000 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,197,660) | | | | | | | | | | | | 9,197,660 | | |
| TOTAL INVESTMENTS AT VALUE (121.5%) (Cost $41,513,568) | | | | | | | | | | | | 39,480,534 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS (-21.5%) | | | | | | | | (6,974,996) | |
| NET ASSETS (100.0%) | | | | | | | | | | | $ | 32,505,538 | | |
INVESTMENT ABBREVIATION
NR = Not Rated
† Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.
‡ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2006, these securities amounted to a value of $6,405,019 or 19.7% of net assets.
+ Step Bond — The interest stated is as of June 30, 2006 and will reset at a future date.
* Non-income producing security.
^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.
# Variable rate obligations — The interest rate shown is the rate as of June 30, 2006.
§ Security or portion thereof is out on loan.
§§ Represents security purchased with cash collateral received for securities on loan.
ø Bond is currently in default.
(1) Par value of security held is less than 1,000.
See Accompanying Notes to Financial Statements.
40
Credit Suisse Institutional Funds
Statements of Assets and Liabilities
June 30, 2006 (unaudited)
| | Fixed Income Fund | | Global High Yield Fund | |
Assets | |
Investments at value, including collateral for securities on loan of $9,528,724 and $5,939,660, respectively (cost $132,695,279 and $41,513,568, respectively) (Note 2) | | $ | 130,455,2221 | | | $ | 39,480,5342 | | |
Cash | | | 721 | | | | 211 | | |
Cash segregated at broker for futures contracts (Note 2) | | | 1,000,000 | | | | — | | |
Receivable for investments sold | | | 9,300,417 | | | | — | | |
Dividend and interest receivable | | | 848,360 | | | | 594,357 | | |
Variation margin receivable (Note 2) | | | 47,759 | | | | — | | |
Unrealized appreciation on forward currency contracts (Note 2) | | | 148,006 | | | | — | | |
Receivable for fund shares sold | | | 79,877 | | | | 17,840 | | |
Prepaid expenses and other assets | | | 20,985 | | | | 19,173 | | |
Total Assets | | | 141,901,347 | | | | 40,112,115 | | |
Liabilities | |
Advisory fee payable (Note 3) | | | 20,403 | | | | 1,880 | | |
Administrative services fee payable (Note 3) | | | 12,875 | | | | 7,012 | | |
Payable for investments purchased | | | 18,800,807 | | | | 1,330,934 | | |
Payable upon return of securities loaned (Note 2) | | | 9,528,724 | | | | 5,939,660 | | |
Unrealized depreciation on forward currency contracts (Note 2) | | | 150,579 | | | | 12,871 | | |
Payable for fund shares redeemed | | | 6,817 | | | | 282,513 | | |
Other accrued expenses payable | | | 47,248 | | | | 31,707 | | |
Total Liabilities | | | 28,567,453 | | | | 7,606,577 | | |
Net Assets | |
Capital stock, $0.001 par value (Note 6) | | | 8,235 | | | | 3,307 | | |
Paid-in capital (Note 6) | | | 150,708,501 | | | | 81,684,919 | | |
Accumulated net investment income (loss) | | | 51,948 | | | | (423,242 | ) | |
Accumulated net realized loss from investments, futures transactions, options written and foreign currency transactions | | | (35,282,308 | ) | | | (46,713,941 | ) | |
Net unrealized depreciation from investments, futures transactions and foreign currency translations | | | (2,152,482 | ) | | | (2,045,505 | ) | |
Net Assets | | $ | 113,333,894 | | | $ | 32,505,538 | | |
Shares outstanding | | | 8,234,859 | | | | 3,307,011 | | |
Net asset value, offering price, and redemption price per share | | $ | 13.76 | | | $ | 9.83 | | |
1 Including $9,336,957 of securities on loan.
2 Including $5,818,191 of securities on loan.
See Accompanying Notes to Financial Statements.
41
Credit Suisse Institutional Funds
Statements of Operations
For the Six Months Ended June 30, 2006 (unaudited)
| | Fixed Income Fund | | Global High Yield Fund | |
Investment Income (Note 2) | |
Interest | | $ | 3,061,624 | | | $ | 1,218,469 | | |
Securities lending | | | 13,532 | | | | 16,866 | | |
Total investment income | | | 3,075,156 | | | | 1,235,335 | | |
Expenses | |
Investment advisory fees (Note 3) | | | 212,206 | | | | 102,664 | | |
Administrative services fees (Note 3) | | | 48,718 | | | | 33,725 | | |
Custodian fees | | | 16,079 | | | | 4,899 | | |
Registration fees | | | 13,023 | | | | 13,920 | | |
Audit and tax fees | | | 11,481 | | | | 9,518 | | |
Directors' fees | | | 11,327 | | | | 11,327 | | |
Printing fees (Note 3) | | | 11,216 | | | | 10,584 | | |
Legal fees | | | 7,040 | | | | 6,419 | | |
Insurance expense | | | 3,695 | | | | 1,489 | | |
Commitment fees (Note 4) | | | 1,515 | | | | 369 | | |
Transfer agent fees | | | 956 | | | | 1,590 | | |
Interest expense (Note 4) | | | — | | | | 159 | | |
Miscellaneous expense | | | 4,820 | | | | 3,934 | | |
Total expenses | | | 342,076 | | | | 200,597 | | |
Less: fees waived (Note 3) | | | (87,427 | ) | | | (97,932 | ) | |
Net expenses | | | 254,649 | | | | 102,665 | | |
Net investment income | | | 2,820,507 | | | | 1,132,670 | | |
Net Realized and Unrealized Gain (Loss) from Investments, Futures Contracts and Foreign Currency Related Items | |
Net realized gain (loss) from investments | | | (1,844,882 | ) | | | 58,173 | | |
Net realized loss from futures contracts | | | (361,063 | ) | | | — | | |
Net realized loss from foreign currency transactions | | | (97,738 | ) | | | (21,690 | ) | |
Net change in unrealized appreciation (depreciation) from investments | | | (1,396,611 | ) | | | (470,706 | ) | |
Net change in unrealized appreciation (depreciation) from futures contracts | | | 250,388 | | | | — | | |
Net change in unrealized appreciation (depreciation) from foreign currency translations | | | 101,046 | | | | (12,471 | ) | |
Net realized and unrealized loss from investments, futures contracts and foreign currency related items | | | (3,348,860 | ) | | | (446,694 | ) | |
Net increase (decrease) in net assets resulting from operations | | $ | (528,353 | ) | | $ | 685,976 | | |
See Accompanying Notes to Financial Statements.
42
Credit Suisse Institutional Funds
Statements of Changes in Net Assets
| | Fixed Income Fund | | Global High Yield Fund | |
| | For the Six Months Ended June 30, 2006 (unaudited) | | For the Year Ended December 31, 2005 | | For the Six Months Ended June 30, 2006 (unaudited) | | For the Year Ended December 31, 2005 | |
From Operations | |
Net investment income | | $ | 2,820,507 | | | $ | 5,156,648 | | | $ | 1,132,670 | | | $ | 2,428,642 | | |
Net realized gain (loss) from investments, futures contracts, options written and foreign currency transactions | | | (2,303,683 | ) | | | (119,255 | ) | | | 36,483 | | | | (1,114,030 | ) | |
Net change in unrealized appreciation (depreciation) from investments, futures contracts, options written and foreign currency translations | | | (1,045,177 | ) | | | (3,003,760 | ) | | | (483,177 | ) | | | (556,315 | ) | |
Net increase (decrease) in net assets resulting from operations | | | (528,353 | ) | | | 2,033,633 | | | | 685,976 | | | | 758,297 | | |
From Dividends | |
Dividends from net investment income | | | (2,797,315 | ) | | | (5,579,893 | ) | | | (1,121,589 | ) | | | (2,741,727 | ) | |
Net decrease in net assets resulting from dividends | | | (2,797,315 | ) | | | (5,579,893 | ) | | | (1,121,589 | ) | | | (2,741,727 | ) | |
From Capital Share Transactions (Note 6) | |
Proceeds from sale of shares | | | 8,628,255 | | | | 23,982,395 | | | | 7,823,286 | | | | 10,714,230 | | |
Reinvestment of dividends | | | 2,687,285 | | | | 5,362,211 | | | | 1,073,533 | | | | 2,671,029 | | |
Net asset value of shares redeemed | | | (9,837,092 | ) | | | (37,906,984 | ) | | | (5,203,717 | ) | | | (16,995,445 | ) | |
Net increase (decrease) in net assets from capital share transactions | | | 1,478,448 | | | | (8,562,378 | ) | | | 3,693,102 | | | | (3,610,186 | ) | |
Net increase (decrease) in net assets | | | (1,847,220 | ) | | | (12,108,638 | ) | | | 3,257,489 | | | | (5,593,616 | ) | |
Net Assets | |
Beginning of period | | | 115,181,114 | | | | 127,289,752 | | | | 29,248,049 | | | | 34,841,665 | | |
End of period | | $ | 113,333,894 | | | $ | 115,181,114 | | | $ | 32,505,538 | | | $ | 29,248,049 | | |
Accumulated net investment income (loss) | | $ | 51,948 | | | $ | 28,756 | | | $ | (423,242 | ) | | $ | (434,323 | ) | |
See Accompanying Notes to Financial Statements.
43
Credit Suisse Institutional Fixed Income Fund
Financial Highlights
(For an Institutional Class Share of the Fund Outstanding Throughout Each Period)
| | For the Six Months Ended June 30, 2006 | | For the Year Ended December 31, | | For the Period September 1, 2004 to December 31, | | For the Year Ended August 31, | |
| | (unaudited) | | 2005 | | 20041 | | 2004 | | 2003 | | 20022 | | 2001 | |
Per share data | |
Net asset value, beginning of period | | $ | 14.17 | | | $ | 14.59 | | | $ | 14.60 | | | $ | 14.27 | | | $ | 14.12 | | | $ | 15.79 | | | $ | 14.95 | | |
INVESTMENT OPERATIONS | |
Net investment income | | | 0.35 | | | | 0.63 | | | | 0.22 | | | | 0.50 | | | | 0.67 | | | | 0.83 | | | | 1.02 | | |
Net gain (loss) on investments, futures contracts, options written, swap contracts and foreign currency related items (both realized and unrealized) | | | (0.42 | ) | | | (0.37 | ) | | | 0.11 | | | | 0.46 | | | | 0.35 | | | | (1.27 | ) | | | 0.85 | | |
Total from investment operations | | | (0.07 | ) | | | 0.26 | | | | 0.33 | | | | 0.96 | | | | 1.02 | | | | (0.44 | ) | | | 1.87 | | |
LESS DIVIDENDS AND DISTRIBUTIONS | |
Dividends from net investment income | | | (0.34 | ) | | | (0.68 | ) | | | (0.34 | ) | | | (0.63 | ) | | | (0.87 | ) | | | (0.83 | ) | | | (1.03 | ) | |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.40 | ) | | | — | | |
Total dividends and distributions | | | (0.34 | ) | | | (0.68 | ) | | | (0.34 | ) | | | (0.63 | ) | | | (0.87 | ) | | | (1.23 | ) | | | (1.03 | ) | |
Net asset value, end of period | | $ | 13.76 | | | $ | 14.17 | | | $ | 14.59 | | | $ | 14.60 | | | $ | 14.27 | | | $ | 14.12 | | | $ | 15.79 | | |
Total return3 | | | (0.38 | )% | | | 1.82 | % | | | 2.26 | % | | | 6.86 | % | | | 7.40 | % | | | (2.92 | )% | | | 13.02 | % | |
RATIOS AND SUPPLEMENTAL DATA | |
Net assets, end of period (000s omitted) | | $ | 113,334 | | | $ | 115,181 | | | $ | 127,290 | | | $ | 129,692 | | | $ | 141,240 | | | $ | 275,863 | | | $ | 532,627 | | |
Ratio of expenses to average net assets | | | 0.45 | %4 | | | 0.45 | % | | | 0.45 | %4 | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | |
Ratio of net investment income to average net assets | | | 4.98 | %4 | | | 4.27 | % | | | 4.29 | %4 | | | 3.43 | % | | | 4.18 | % | | | 5.41 | % | | | 6.71 | % | |
Decrease reflected in above operating expense ratios due to waivers/reimbursements | | | 0.15 | %4 | | | 0.16 | % | | | 0.22 | %4 | | | 0.17 | % | | | 0.14 | % | | | 0.05 | % | | | 0.06 | % | |
Portfolio turnover rate | | | 231 | % | | | 358 | % | | | 132 | % | | | 375 | % | | | 519 | % | | | 526 | % | | | 449 | % | |
1 The Fund changed its fiscal year end from August 31 to December 31.
2 As required, effective September 1, 2001, the Fund adopted the provisions of AICPA Audit and Accounting Guide for Investment Companies and began including paydown gains and losses in interest income. The effect of this change for the year ended August 31, 2002 was to increase net investment income per share by $0.01, decrease net realized and unrealized gains and losses per share by $0.01 and increase the ratio of net investment income to average net assets from 5.37% to 5.41%. Per share ratios and supplemental data for prior periods have not been restated to reflect this change.
3 Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.
4 Annualized.
See Accompanying Notes to Financial Statements.
44
Credit Suisse Global High Yield Fund
Financial Highlights
(For an Institutional Class Share of the Fund Outstanding Throughout Each Period)
| | For the Six Months Ended June 30, 2006 | | For the Year Ended December 31, | | For the Period September 1, 2004 to December 31, | | For the Year Ended August 31, | |
| | (unaudited) | | 2005 | | 20041 | | 2004 | | 2003 | | 2002 | | 2001 | |
Per share data | |
Net asset value, beginning of period | | $ | 9.96 | | | $ | 10.65 | | | $ | 10.38 | | | $ | 10.26 | | | $ | 9.90 | | | $ | 11.84 | | | $ | 14.11 | | |
INVESTMENT OPERATIONS | |
Net investment income | | | 0.39 | | | | 0.81 | | | | 0.31 | | | | 1.01 | | | | 1.14 | | | | 1.17 | | | | 1.40 | | |
Net gain (loss) on investments (both realized and unrealized) | | | (0.15 | ) | | | (0.55 | ) | | | 0.55 | | | | 0.72 | | | | 0.41 | | | | (1.94 | ) | | | (2.21 | ) | |
Total from investment operations | | | 0.24 | | | | 0.26 | | | | 0.86 | | | | 1.73 | | | | 1.55 | | | | (0.77 | ) | | | (0.81 | ) | |
LESS DIVIDENDS | |
Dividends from net investment income | | | (0.37 | ) | | | (0.95 | ) | | | (0.59 | ) | | | (1.61 | ) | | | (1.19 | ) | | | (1.17 | ) | | | (1.46 | ) | |
Net asset value, end of period | | $ | 9.83 | | | $ | 9.96 | | | $ | 10.65 | | | $ | 10.38 | | | $ | 10.26 | | | $ | 9.90 | | | $ | 11.84 | | |
Total return2 | | | 2.45 | % | | | 2.58 | % | | | 8.43 | % | | | 18.27 | % | | | 16.96 | % | | | (6.88 | )% | | | (5.71 | )% | |
RATIOS AND SUPPLEMENTAL DATA | |
Net assets, end of period (000s omitted) | | $ | 32,506 | | | $ | 29,248 | | | $ | 34,842 | | | $ | 32,675 | | | $ | 26,729 | | | $ | 86,846 | | | $ | 98,008 | | |
Ratio of expenses to average net assets | | | 0.70 | %4 | | | 0.70 | % | | | 0.70 | %4 | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | |
Ratio of net investment income to average net assets | | | 7.72 | %4 | | | 7.96 | % | | | 8.30 | %4 | | | 8.74 | % | | | 10.15 | % | | | 10.15 | %3 | | | 11.06 | % | |
Decrease reflected in above operating expense ratios due to waivers/reimbursements | | | 0.67 | %4 | | | 0.68 | % | | | 0.91 | %4 | | | 0.95 | % | | | 0.40 | % | | | 0.27 | % | | | 0.30 | % | |
Portfolio turnover rate | | | 42 | % | | | 71 | % | | | 5 | % | | | 30 | % | | | 56 | % | | | 52 | % | | | 20 | % | |
1 The Fund changed its fiscal year end from August 31 to December 31.
2 Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized.
3 During the year ended August 31, 2002, the Fund experienced an increase in its interest income of 0.67% as a result of additional accretion income not accrued in prior periods. The Fund's net investment income ratio disclosed above excludes the effect of the increase.
4 Annualized.
See Accompanying Notes to Financial Statements.
45
Credit Suisse Institutional Funds
Notes to Financial Statements
June 30, 2006 (unaudited)
Note 1. Organization
The Credit Suisse Institutional Funds contained in this report are Credit Suisse Institutional Fixed Income Fund ("Fixed Income") and Credit Suisse Global High Yield Fund ("Global High Yield") (each, a "Fund" and collectively, the "Funds"). Each Fund was incorporated under the laws of the State of Maryland on July 31, 1998 and is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended.
Fixed Income and Global High Yield seek high total return as their investment objective.
Fixed Income and Global High Yield are each authorized to offer three classes of shares, Common Class, Advisor Class and Institutional Class shares, although each Fund currently offers only Institutional Class shares.
Note 2. Significant Accounting Policies
A) SECURITY VALUATION — The net asset value of each Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, eq uity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before each Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors. The Funds may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities. When fair-value pricing is employed, the prices of
46
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 2. Significant Accounting Policies
securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.
B) FOREIGN CURRENCY TRANSACTIONS — The books and records of the Funds are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the current prevailing exchange rates. All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate at the end of the period. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds do not isolate that portion of realized gains and losses on investments in equity securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. The Funds isolate that portion of realized gains and losses on investments in debt securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The Funds amortize premium and accrete discount using the effective interest method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income are declared and paid quarterly. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is each Fund's intention to have the Fund continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.
F) USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and
47
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 2. Significant Accounting Policies
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS — The Funds, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash into either a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Funds' custodian, or a money market fund advised by Credit Suisse. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS — Each Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. Each Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily forward exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date or an offsetting position is entered into. At June 30, 2006, the Funds had the following open forward foreign currency contracts:
Fixed Income
Forward Foreign Currency Contract | | Expiration Date | | Foreign Currency To Be Purchased/(Sold) | | Contract Amount | | Contract Value | | Unrealized Gain (Loss) | |
British Pound | | 08/09/06 | | £ | | | 1,207,000 | | | | 2,241,062 | | | | 2,234,390 | | | | (6,672 | ) | |
British Pound | | 08/09/06 | | £ | | | (1,810,000 | ) | | | (3,370,433 | ) | | | (3,350,659 | ) | | | 19,774 | | |
Canadian Dollar | | 08/09/06 | | C$ | | | 1,260,000 | | | $ | 1,141,418 | | | $ | 1,134,381 | | | $ | (7,037 | ) | |
European Economic Unit | | 08/09/06 | | € | | | 824,191 | | | | 1,040,170 | | | | 1,056,797 | | | | 16,627 | | |
European Economic Unit | | 08/09/06 | | € | | | (2,667,997 | ) | | | (3,402,391 | ) | | | (3,420,967 | ) | | | (18,576 | ) | |
Japanese Yen | | 08/09/06 | | ¥ | | | 252,700,000 | | | | 2,283,611 | | | | 2,223,563 | | | | (60,048 | ) | |
Japanese Yen | | 08/09/06 | | ¥ | | | (252,700,000 | ) | | | (2,264,112 | ) | | | (2,223,563 | ) | | | 40,549 | | |
Norwegian Krone | | 08/09/06 | | NKr | | | 6,900,000 | | | | 1,124,117 | | | | 1,112,068 | | | | (12,049 | ) | |
Norwegian Krone | | 08/09/06 | | NKr | | | (6,900,000 | ) | | | (1,101,761 | ) | | | (1,112,068 | ) | | | (10,307 | ) | |
New Zealand Dollar | | 08/09/06 | | NZ$ | | | 1,760,000 | | | | 1,097,606 | | | | 1,071,456 | | | | (26,150 | ) | |
New Zealand Dollar | | 08/09/06 | | NZ$ | | | (1,760,000 | ) | | | (1,104,417 | ) | | | (1,071,456 | ) | | | 32,961 | | |
Russian Ruble | | 08/09/06 | | RUB | | | 29,500,000 | | | | 1,105,283 | | | | 1,100,490 | | | | (4,793 | ) | |
Swedish Krona | | 08/09/06 | | SKr | | | 8,100,000 | | | | 1,117,796 | | | | 1,128,387 | | | | 10,591 | | |
Swiss Franc | | 08/09/06 | | CHF | | | 1,400,000 | | | | 1,152,975 | | | | 1,148,028 | | | | (4,947 | ) | |
Swiss Franc | | 08/09/06 | | CHF | | | (1,400,000 | ) | | | (1,175,532 | ) | | | (1,148,028 | ) | | | 27,504 | | |
| | | | | | | | | | $ | (114,608 | ) | | $ | (117,181 | ) | | $ | (2,573 | ) | |
48
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 2. Significant Accounting Policies
Global High Yield
Forward Foreign Currency Contract | | Expiration Date | | Foreign Currency To Be Purchased/(Sold) | | Contract Amount | | Contract Value | | Unrealized Gain (Loss) | |
European Economic Unit | | | 09/26/06 | | | € | (619,000 | ) | | $ | (783,252 | ) | | $ | (796,123 | ) | | $ | (12,871 | ) | |
I) TBA PURCHASE COMMITMENTS — Each Fund may enter into "TBA" (to be announced) purchase commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in the Fund's other assets. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, according to the procedures described under "Security Valuation" above.
J) FUTURES — Each Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. Upon entering into a futures contract, each Fund is required to deposit cash and /or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed.
When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. At June 30, 2006, the Fixed Income Fund had the following open futures contracts:
49
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 2. Significant Accounting Policies
Futures Contracts | | Number of Contracts | | Expiration Date | | Contract Amount | | Contract Value | | Unrealized Appreciation/ (Depreciation) | |
Federal Republic of Germany 10 Year Bonds Futures | | | 51 | | | 9/7/06 | | $ | 7,569,187 | | | $ | 7,520,148 | | | $ | (49,039 | ) | |
Government of Japan 10 Year Bonds Futures | | | 4 | | | 9/8/06 | | | 4,618,117 | | | | 4,606,570 | | | | (11,547 | ) | |
U.S. Treasury 2 Year Notes Futures | | | 59 | | | 9/29/06 | | | 11,957,119 | | | | 11,964,094 | | | | 6,975 | | |
U.S. Treasury 5 Year Notes Futures | | | 27 | | | 9/29/06 | | | 2,791,666 | | | | 2,791,969 | | | | 303 | | |
U.S. Treasury 10 Year Notes Futures | | | 15 | | | 9/20/06 | | | 1,569,355 | | | | 1,572,891 | | | | 3,536 | | |
U.S. Treasury 20 Year Bonds Futures | | | 45 | | | 9/20/06 | | | 4,843,010 | | | | 4,799,531 | | | | (43,479 | ) | |
| | | | $ | 33,348,454 | | | $ | 33,255,203 | | | $ | (93,251 | ) | |
Australia Treasury 10 Year Bonds Futures | | | (46 | ) | | 9/15/06 | | | (3,513,093 | ) | | | (3,472,774 | ) | | | 40,319 | | |
Government of Canada 10 Year Bonds Futures | | | (32 | ) | | 9/20/06 | | | (3,197,460 | ) | | | (3,174,679 | ) | | | 22,781 | | |
Federal Republic of Germany 10 Year Bonds Futures | | | (32 | ) | | 9/7/06 | | | (4,769,190 | ) | | | (4,718,524 | ) | | | 50,666 | | |
UK Treasury Bonds Futures | | | (27 | ) | | 9/27/06 | | | (5,491,087 | ) | | | (5,438,233 | ) | | | 52,854 | | |
Government of Japan 10 Year Bonds Futures | | | (2 | ) | | 9/8/06 | | | (2,320,064 | ) | | | (2,303,285 | ) | | | 16,779 | | |
| | | | $ | (19,290,894 | ) | | $ | (19,107,495 | ) | | $ | 183,399 | | |
| | | | $ | 14,057,560 | | | $ | 14,147,708 | | | $ | 90,148 | | |
K) OPTIONS — Each Fund may purchase and write (sell) call and put options on securities, currencies and swap agreements (options on swap agreements are commonly known as "swaptions"). Each Fund may write covered and uncovered put and call options and purchase put and call options for hedging purposes or to increase total return. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premium paid. The proceeds from securities sold through the exercise of put options are decreased by the premium paid.
When a Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are recorded by the Fund on the expiration date as realized gains from options transactions. The difference between the premium received and
50
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 2. Significant Accounting Policies
the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security purchased by the Fund. The risk involved in writing an option is that, if the option is exercised, the underlying security could then be purchased or sold by the Fund at a disadvantageous price. Uncovered options are riskier than covered options because there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. There is also a ri sk that the securities on which the option is written may not be available for purchase if the call option is exercised. Uncovered put options have speculative characteristics and the potential loss is substantial.
Exchange-traded options are valued at the last sale price in the market where such contracts are principally traded. OTC equity index options are priced according to the contract specifications (days to expiration, current spot index level, interest rates, dividends, strike price) using the Black-Scholes pricing model, modified for dividends. At June 30, 2006 the Funds had no outstanding options contracts.
L) SWAPS — Each Fund may enter into index swaps for hedging purposes or to seek to increase total return. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or notional principal amount. The Funds will enter into index swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Funds, and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness o f each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index.
Each Fund records unrealized gains or losses on a daily basis representing the value and the current net receivable or payable relating to open swap
51
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 2. Significant Accounting Policies
contracts. Net amounts received or paid on the swap contract are recorded as realized gains or losses. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses on swap contracts transactions. At June 30, 2006 the Funds had no outstanding swap contracts.
M) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by each Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by Credit Suisse and may be invested in a variety of investments, including certain Credit Suisse–advised funds, funds advised by SSB, the Funds' securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.
SSB has been engaged by the Funds to act as the Funds' securities lending agent. The Funds' securities lending arrangement provides that the Funds and SSB will share the net income earned from securities lending activities. During the six months ended June 30, 2006, total earnings from Fixed Income and Global High Yield's investment in cash collateral received in connection with securities lending arrangements was $330,479 and $143,632, respectively, of which $311,660 and $120,348, respectively, was rebated to borrowers (brokers). Fixed Income and Global High Yield retained $13,532 and $16,866 in income, respectively, from the cash collateral investment, and SSB, as lending agent, was paid $5,287 and $6,418, respectively. The Funds may also be entitled to certain minimum amounts of income from their securities lending activities. Securities lending income is accrued as earned.
N) OTHER — Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.
52
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 2. Significant Accounting Policies
In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and (to the extent a Fund invests in junk bonds) each Fund's net asset value.
The Funds may invest in securities of foreign countries and governments which involve certain risks in addition to those inherent in domestic investments. Such risks generally include, among others, currency risk (fluctuations in currency exchange rates), information risk (key information may be inaccurate or unavailable) and political risk (expropriation, nationalization or the imposition of capital or currency controls or punitive taxes). Other risks of investing in foreign securities include liquidity and valuation risks.
The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Funds accrue such taxes when the related income is earned or gains are realized.
Note 3. Transactions with Affiliates and Related Parties
Credit Suisse serves as investment adviser for each Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from each Fund based on the following fee schedule:
Fund | | Annual Rate | |
Fixed Income | | 0.375% of average daily net assets | |
Global High Yield | | 0.70% of average daily net assets | |
For the six months ended June 30, 2006, investment advisory fees earned and voluntarily waived for each Fund were as follows:
Fund | | Gross Advisory Fee | | Waiver | | Net Advisory Fee | |
Fixed Income | | $ | 212,206 | | | $ | (87,427 | ) | | $ | 124,779 | | |
Global High Yield | | | 102,664 | | | | (97,932 | ) | | | 4,732 | | |
Fee waivers and reimbursements are voluntary and may be discontinued by Credit Suisse at any time.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, and SSB serve as co-administrators to the Funds. No compensation is payable by the Funds to CSAMSI for co-administrative services.
53
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 3. Transactions with Affiliates and Related Parties
For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2006, co-administrative services fees earned by SSB (including out-of-pocket expenses) were as follows:
Fund | | Co-Administration Fee | |
Fixed Income | | $ | 48,718 | | |
Global High Yield | | | 33,725 | | |
In addition to serving as each Fund's co-administrator, CSAMSI currently serves as distributor of each Fund's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Funds to provide certain financial printing and fulfillment services. For the six months ended June 30, 2006, Merrill was paid for its services to the Funds as follows:
Fund | | Amount | |
Fixed Income | | $ | 174 | | |
Global High Yield | | | 174 | | |
Note 4. Line of Credit
The Funds, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participate in a $75 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At June 30, 2006, the Funds had no loans outstanding under the Credit Facility. During the six months ended June 30, 2006, Global High Yield had borrowings under the Credit Facility as follows:
Fund | | Average Daily Loan Balance | | Weighted Average Interest Rate% | | Maximum Daily Loan Outstanding | |
Global High Yield | | $ | 260,600 | | | | 5.50 | % | | $ | 346,100 | | |
54
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 5. Purchases and Sales of Securities
For the six months ended June 30, 2006, purchases and sales of investment securities (excluding short-term investments) and U.S. Government and Agency Obligations were as follows:
| | Investments | | U.S. Government and Agency Obligations | |
Fund | | Purchases | | Sales | | Purchases | | Sales | |
Fixed Income | | $ | 271,353,882 | | | $ | 262,810,068 | | | $ | 221,505,284 | | | $ | 222,165,864 | | |
Global High Yield | | | 14,926,741 | | | | 11,895,950 | | | | — | | | | — | | |
As of June 30, 2006, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were as follows:
Fund | | Identified Cost | | Gross Unrealized Appreciation | | Gross Unrealized (Depreciation) | | Net Unrealized Appreciation/ (Depreciation) | |
Fixed Income | | $ | 132,695,279 | | | $ | 191,407 | | | $ | (2,431,464 | ) | | $ | (2,240,057 | ) | |
Global High Yield | | | 41,513,568 | | | | 447,025 | | | | (2,480,059 | ) | | | (2,033,034 | ) | |
Note 6. Capital Share Transactions
Fixed Income and Global High Yield are each authorized to issue three billion full and fractional shares of capital stock, $.001 par value per share. Transactions in capital shares for each Fund were as follows:
| | Fixed Income Fund | |
| | Institutional Class | |
| | For the Six Months Ended June 30, 2006 (unaudited) | | For the Year Ended December 31, 2005 | |
Shares sold | | | 613,683 | | | | 1,642,152 | | |
Shares issued in reinvestment of dividends | | | 194,658 | | | | 373,726 | | |
Shares redeemed | | | (700,150 | ) | | | (2,610,905 | ) | |
Net increase (decrease) | | | 108,191 | | | | (595,027 | ) | |
| | Global High Yield Fund | |
| | Institutional Class | |
| | For the Six Months Ended June 30, 2006 (unaudited) | | For the Year Ended December 31, 2005 | |
Shares sold | | | 778,234 | | | | 1,013,992 | | |
Shares issued in reinvestment of dividends | | | 108,583 | | | | 264,279 | | |
Shares redeemed | | | (515,747 | ) | | | (1,615,317 | ) | |
Net increase (decrease) | | | 371,070 | | | | (337,046 | ) | |
55
Credit Suisse Institutional Funds
Notes to Financial Statements (continued)
June 30, 2006 (unaudited)
Note 6. Capital Share Transactions
On June 30, 2006, the number of shareholders that held 5% or more of the outstanding shares of each Fund was as follows:
Fund | | Number of Shareholders | | Approximate Percentage of Outstanding Shares | |
Fixed Income | | | 2 | | | | 93 | % | |
Global High Yield | | | 2 | | | | 86 | % | |
Some of the shareholders are omnibus accounts, which hold shares on behalf of several individual shareholders.
Note 7. Contingencies
In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
56
Credit Suisse Institutional Funds
Privacy Policy Notice (unaudited)
Important Privacy Choices for Consumers
We are committed to maintaining the privacy of every current and prospective customer. We recognize that you entrust important personal information to us, and we wish to assure you that we take seriously our responsibilities in protecting and safeguarding this information.
In connection with making available investment products and services to current and potential customers, we may obtain nonpublic personal information about you. This information may include your name, address, e-mail address, social security number, account number, assets, income, financial situation, transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
• Information we receive on applications, forms, questionnaires, web sites, agreements or in the course of establishing or maintaining a customer relationship; and
• Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except with your consent or as otherwise permitted by law.
In cases where we believe that additional products and services may be of interest to you, we may share the information described above with our affiliates.
We may also disclose this information to firms that perform services on our behalf. These agents and service providers are required to treat the information confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those employees, agents or other parties who need to know that information to provide products or services to you or in connection with your investments with or through us. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
Note: This Notice is provided to clients and prospective clients of Credit Suisse Asset Management, LLC ("Credit Suisse"), and Credit Suisse Asset Management Securities, Inc., and shareholders and prospective shareholders in Credit Suisse-sponsored and advised investment companies, including Credit Suisse Funds, and other consumers and customers, as applicable. This Notice is not intended to be incorporated in any offering materials but is merely a statement of our current Privacy Policy, and may be amended from time to time upon notice to you. This Notice is dated as of May 17, 2006.
57
Credit Suisse Institutional Funds
Proxy Voting and Portfolio Holdings Information (unaudited)
Information regarding how each Fund voted proxies related to its fund securities during the 12-month period ended June 30 of each year, as well as the policies and procedures that each Fund uses to determine how to vote proxies relating to its portfolio securities are available:
• By calling 1-800-222-8977
• On the Funds' website, www.credit-suisse.com/us
• On the website of the Securities and Exchange Commission, http://www.sec.gov.
Each Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds' Forms N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.
58
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
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 n www.credit-suisse.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. INSTFIX-SAR-0606
Item 2. Code of Ethics.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is not applicable to the registrant.
Item 6. Schedule of Investments.
Included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
This item is not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
This item is not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
The Nominating Committee recommends Board member candidates. Shareholders of the registrant may also submit nominees that will be considered by the Committee. Recommendations should be mailed to the registrant’s Secretary, c/o Credit Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017. Any submission should include at a minimum the following information: the name, age, business address, residence address and principal occupation or employment of such individual; the class, series and number of shares of the registrant that are beneficially owned by such individual; the date such shares were acquired and the investment intent of such acquisition; whether such shareholder believes such individual is, or is not, an “interested person” of the registrant (as defined in the Investment Company Act of 1940 (the “Act”)) and information regarding such individual that is sufficient, in the Committee’s discretion, to make such determination; and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of directors in an election contest (even if an election contest is not involved) or is otherwise required pursuant to the rules for proxy materials under the Securities Exchange Act of 1934.
Item 11. Controls and Procedures.
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) | Not applicable. |
| |
(a)(2) | The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report. |
| |
(a)(3) | Not applicable. |
| |
(b) | The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC. |
|
/s/ Steven B. Plump | |
Name: Steven B. Plump |
Title: Chief Executive Officer |
Date: September 5, 2006 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Steven B. Plump | |
Name: Steven B. Plump |
Title: Chief Executive Officer |
Date: September 5, 2006 |
|
|
/s/ Michael A. Pignataro | |
Name: Michael A. Pignataro |
Title: Chief Financial Officer |
Date: September 5, 2006 |
| | |